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2022-03-31-accounts

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

Report and Financial Statements Year ended 31[st] March 2022

Charity Registration Number 1155173 CIO Number CE001570

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

Draft Financial Statements at 19 October 2022 at 10:32:40 BERKSHIRE COMMUNITY FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees S Howard
J Potter
J Elliott
S Roberts
D Browne
C Horwood
A Barfield
M Haines MVO
D Allcock Tyler
S Taylor DL
N C Burrows (Appointed 21 October
2021)
Chairman Stephen Howard
Chief Executives Geraldine Lejeune OBE DL
Jon Yates
Chair of Sub-Commitees Nick Burrows - Finance and Investment Committee
Margaret Haines MVO - Grants Committee
Alexander Barfield - Philanthropy Committee
Charity number 1155173
Principal address 100 Longwater Avenue
Green Park
Reading
Berkshire
RG2 6GP
Auditor Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
Bankers HSBC UK
Hamilton CCC
Hamilton Int'l Technology Park
High Blantyre
G72 0FD
Handelsbanken
Forbury Road
Apex PLaza
Reading
Berkshire
RG1 1AX

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

Draft Financial Statements at 19 October 2022 at 10:32:40 BERKSHIRE COMMUNITY FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Solicitors Blandy & Blandy 1 Friar Street Reading Berkshire RG1 1DA Investment advisors CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Mayfair Capital Investment Management Ltd 2 Cavendish Square London W1G 0PU

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

Draft Financial Statements at 19 October 2022 at 10:32:40 BERKSHIRE COMMUNITY FOUNDATION

CONTENTS

Page
Trustees' report 1 - 14
Independent auditor's report 15 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 36

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

The Trustees present their report and accounts for the financial year ended 31st March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Articles of Association, the Charities Act 2011 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 2019)".

Introduction & key achievements

Berkshire Community Foundation (the Foundation) (BCF) is delighted to report on another successful year in which we have granted £1.2 million to 181 organisations in 268 grants. This represents the second largest amount of grants funding distributed in a financial year in our history. The first being the previous exceptional year in which we responded to the impact of the coronavirus crisis and the Reading terror attack.

Following the largely remote working arrangements of the previous year, we maintained a hybrid working structure allowing staff to continue to work at home on two days per week. A flooding issue at our office in early March 2022 saw us working fully remotely again until June 2022. We were able to continue to deliver effective grant making through the use of online tools as well as continuing to service our many donors and supporters effectively. Our strategic aim of growing philanthropy in Berkshire saw us achieve our fifth most successful year ever for fundraising at £1.5m in a period of some economic uncertainty.

In 2021 we successfully passed our UKCF Quality Accreditation with a number of exemplar processes being identified.

Public benefit and purpose of the Foundation

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives, planning future activities and setting the grant-making policy for the year.

The purpose of our Foundation is to support charities and voluntary organisations that provide benefit to communities in the Royal County of Berkshire. Support is offered in the form of the granting of funds, donor/charity introductions, creating charity networks to share experiences and improve performance and identifying the needs of the community and voluntary sector in Berkshire through our Community Impact Survey.

We aim to meet our charitable objectives through the delivery of our vision, mission and our strategic objectives.

Objectives and activities

Our vision

A strong generous community in Berkshire where local giving is the norm; ensuring the vulnerable, disadvantaged and most in need are supported through difficult times by connecting donors with local projects.

Our mission

Berkshire’s Charitable Hub – connecting people who care with causes that matter.

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BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

Our objectives

Communities in Berkshire rely on local voluntary organisations for support for a wide range of issues including child poverty, domestic violence, homelessness, physical and mental health issues and isolation and loneliness. We provide advice, distribute grants and raise the profile of local charities and community groups addressing identified need across Berkshire. We work alongside donors and philanthropists to raise funds and influence decisions, helping to make a real difference to local people’s lives.

The three-year Business Plan (2022-2025) objectives are:

Our values

What sets us apart

Our leadership position enables us to be part of key networks to reach influencers and decision makers to create change both locally and nationally.

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BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

We inspire philanthropy and connect supporters to the groups and communities they want to help to bring the greatest benefit to those most in need.

We know how difficult it can be for charities to raise funds and for donors to be sure that their giving will make a genuine and lasting difference to the community.

We have a valuable mix of skills and knowledge and a talented team of people.

Our delivery

To deliver our objectives we need to be flexible and provide an integrated service delivered in partnership with other agencies. We need to be sustainable, innovative as an organisation that delivers and promotes change and we need to be a good employer, committed to using and developing both paid staff and volunteers, including the Trustees.

Having a strong understanding of the needs of our communities helps us to decide how we should use our resources. Our research helps to shape our work and, in turn, the outcomes for those we are supporting.

We connect donors with local projects to develop thriving communities, through support, leadership and inspiration.

Our impact

Community Impact

Following the extraordinary events of the previous year, we continued to deliver essential grants via our Vital for Berkshire programme across all parts of the county. This programme incorporates funding generated by our endowed investments and immediate impact funds from individual and corporate partners such as Ascot Racecourse, Honda, Reckitt, Sanofi and Wellington College. In addition, we delivered specific grants programmes on behalf of Wokingham United Charities to combat the causes of poverty, Pargiter Trust to support the needs of older people and the Wokingham Mental Health Fund via a flagship programme delivered by Mind.

Our grant making in the year saw £1,208,464 awarded (2021: £3,235,158). The number of groups supported during this financial year was 181 (2021: 224).

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

Grants Awarded by Local Authority 2021/22

This map shows the value of the grants awarded by area as per the colours of the bar graph below.

Local Authority Local Authority Amount Awarded Number of Beneficiaries
Wokingham £356,080 18,674
Reading £322,533 31,662
Slough £183,152 14,292
Windsor and Maidenhead £182,160 79,423
Bracknell Forest £83,458 3,976
West Berkshire £68,969 7,169
Outside Berkshire £12,122 33
Total £1,208,474 155,229
Top 5 Beneficiary Groups Top 5 Issues Addressed
1. Children and young people 1. Mental health
2. People with mental health 2. Health, wellbeing and serious
issues illness
3. Local residents 3. Arts, culture and heritage
4. Families/parents/lone parents 4. Poverty & disadvantage
5. Older people. 5. Education, learning and training.

Four of the top five issues addressed reflect the prominent issues arising from the pandemic as communities recover from lockdown and the adverse effect of isolation. Funding for arts, culture and heritage has received a boost this year due to the Arts Council England Jubilee fund of £78k to celebrate the Platinum Jubilee.

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

Growing Philanthropy

We continued to work with a wide range of partners to generate and deliver philanthropy across Berkshire. This saw us achieve our fifth most successful year ever for fundraising at £1.5m in a period of some economic uncertainty. This income created a new endowment for long term sustainable grant making, provided immediate impact funds to target needs in the short to medium term and contributed to the essential resources of BCF in delivering the services that we do.

Our ability to deliver effective, efficient and timely philanthropy services for our donors continued to be particularly effective in our partnerships with local businesses and organisations. Our work with Reckitt, MARS, Ascot Racecourse, Wellington College and others delivering significant immediate impact resources to voluntary groups and charities throughout the year. We also maintained our corporate partnerships with Redwood Technologies, Boehringer Ingelheim, Bayer, Hall Hunter, Honda, Huntswood, Beaufort Financial and Lexicon.

Our work with other charitable trusts and national bodies also contributed significantly to the grants distributed, notably the Pargiter Trust, Wokingham United Charities, Arts Council England, Made by Sport, the CAVE Foundation, the David Brownlow Charitable Foundation, the King Cullimore Trust and the Robert McAlpine Foundation. This enabled our funds to reach a wide range of projects including sport and arts events. In addition, our services to private donors contributed to both the available immediate impact funds and our endowment for long term sustainable grant making.

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

----- Start of picture text -----
Type of Donor
£99,950.00
£295,459.00
£545,419.00
£517,548.00
Private incl. Legacy Trust
Corporate Statutory
----- End of picture text -----

The Business Philanthropy Club (BPC) was able to hold an event once again and came together at Caldesi’s Restaurant in Bray to hear the thoughts of former Prime Minister Theresa May MP on the importance of local businesses supporting local charities.

Other events undertaken in the year included a Women’s Lunch at Monkey Island in support of our Together for Women Fund, a Philanthropy Dinner at Windsor Castle, a Volunteers Celebration in the presence of HRH The Earl of Wessex at Ascot Racecourse and our Annual Showcase incorporating the High Sheriff of Berkshire Awards.

Volunteering, which is offered as part of the Business Philanthropy Club (BPC) membership, continued where opportunities could once again be undertaken in person by volunteers e.g. volunteers from Reckitt undertook 273.5 hours of volunteering in 2021.

During the year there were significant donations of £422,913 to the Endowment Funds. The increase in the value of Endowment Funds from £11,619,391 to £13,066,905 was also due to the markets improving from March 2021 to December 2021 followed by a marked unrealised loss in the 4[th] quarter.

Leadership in thought and action

We have continued to lead the way in generating support from local businesses, trusts, individuals and families to target philanthropy affectively and create the tangible link between people who care with causes that matter.

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

Our Community Impact function continued to provide support to the voluntary sector over and above that required to submit applications for funding. This included our CVS knowledge sharing events, our Volunteer placement service and ad-hoc support over mail, phone and online. We also held our 12[th] Annual Charity Symposium event in person with 70 groups attending plenary and break-out sessions. The feedback from attendees was overwhelmingly positive, giving so many community and voluntary groups the opportunity to share experiences and learn from each other.

BCF provided support for the nominations and assessments for the Queen’s Award for Voluntary Service. We also supported the High Sheriff of Berkshire with information, assistance and support which were integrated into his Awards with our Annual Showcase event at Ascot Racecourse in March 2022.

Our Social Media profile continued to show growth in the number of followers, particularly on Facebook and Instagram with our Marketing & Communications Manager implementing a broader strategy to promote the needs of communities in Berkshire and BCF’s ability to deliver the philanthropic aims of donors to meet those needs.

Environmental statement

In furtherance of our objective of achieving a strong and generous community in Berkshire, BCF is also aware of its environmental responsibilities. As an organisation we seek to achieve environmental good practice in all that we do ensuring that we are efficient, minimise waste and consider our own impact on the environment. We will also work with our partners, where possible, to achieve this aim. In 2021/22 we continued to reduce business travel and printing and increased use of online tools and will continue to manage our impact in this way and implement practices that minimise our environmental impact.

Equality, diversity and inclusion

Everyone at BCF has a responsibility for the success in achieving equality, diversity and inclusion. BCF are committed to a respectful and supportive workplace that attracts and retains talented people broadly representative of the community we serve. We want an organisation which leverages our own diversity to meet the diverse needs of our beneficiaries. We seek to make BCF an innovative organisation and leaders in the Charity sector in Berkshire. We have reviewed our Equality, Diversity & Inclusion policy and will be undertaking relevant training developed by UK Community Foundations in 2022/23. We monitor our grant giving to assess how we are supporting all the communities we serve.

Governance and operations

We continued developing online giving on the Foundation’s website where donations can be made to support a number of initiatives including BCF’s work, BCF Campaigns and Give a Child a Chance.

The Board continue to review Governance on an annual basis and held a strategy away day in January 2022 for trustees and staff.

Legal and administrative details

Grant making policy

The Foundation has established its grant-making policy to achieve its objects for the public benefit, as stated on page 1. The grant-making policy is reviewed annually to ensure that it reflects the

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

Foundation’s objects and advances public benefit. We undertook a Community Impact Survey of voluntary and community groups and charities in 2021 with the results influencing our review of grant strategy.

Berkshire is one of the most affluent counties in the country with high levels of employment and productivity. However, there are still many people who are vulnerable and at a disadvantage due to age related dependency (old and young), disability, poor health and restricted income. While Berkshire is less deprived overall, there are a high proportion of neighbourhoods experiencing serious deprivation in terms of access to housing and services, both in rural West Berkshire and the more urban east of the County.

The Foundation’s grants programmes fund charities and voluntary groups that use the grants in their work to improve communities and the lives of those affected by these problems and related issues, as well as young individuals who are disadvantaged by poverty or sickness.

The Foundation invites applications for grants from charities and voluntary groups by means of publicity through its website, social media and charitable support organisations, and through its Community Impact staff who seek and assess suitable groups. Groups submit a summary of their proposals in a specific application format. Appropriate applications are reviewed against specific criteria for different funds. Having received a grant, the grant recipient subsequently provides feedback to enable the difference the grant has made to be monitored. Details of how to apply for grants are available on the BCF’s website.

BCF’s policy is to continue to increase its own grant-making year-on-year, however this is balanced by the impact on the groups. The focus is on high quality granting and not awarding grants just to achieve a target.

Grants are made in partnership with other trusts or companies whilst the Foundation continues to seek to build its own grant-making capacity in its Capital Fund.

Volunteers

Volunteers are crucial to the Foundation, particularly in regard to its committees and BCF is proud of the commitment and contribution of its volunteers in ensuring that its grants focus on meeting local needs. In addition, volunteers have also been involved in fund development, research, grantmaking, marketing, IT and administration.

Independent quality accreditation

The Foundation is an accredited member of UK Community Foundations (UKCF), although that organisation has no power to direct the policies adopted by the Trustees. BCF is supportive of UKCF.

The Foundation’s procedures remain accredited by UKCF’s Quality Accreditation scheme. As a result of the Quality Assurance 5 (QA5) completed in September 2021 the Foundation received an overall pass with several exemplars of activity that have been shared with the UKCF network.

Fundraising

The Community Foundation is registered with the Fundraising Regulator which is the independent regulator of charitable fundraising, and with the Information Commission. The Foundation will continue to meet the requirements of the Charity Commission, Fundraising Regulator and Information Commissioners Office. Income generation activity is carried out by Foundation staff

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

directly or through introductions made by trustees, ambassadors, professional advisors and as part of our membership of UKCF. We connect to potential donors and partners through networking and by raising our profile through well-structured communications.

An amount of fundraising was undertaken for the Foundation by third parties, for example with our High Sheriff funds, or funds where donors wished to raise money from friends or family in memory of a loved one, or to support a particular cause. We have developed guidelines for those undertaking such activities to ensure we, and they, are compliant.

There were no breaches of GDPR reported during the year. Staff undertake reviews of data held to ensure compliance.

Financial review

Mainstream income from grants, donations and earnings from investments were aggregate £1,842,276 (2021: £4,251,161). The decrease in mainstream income is primarily due to the emergency funding received in 2020/21 but the total represents our fifth most successful year ever in terms of donations.

After total expenditure, comprising grants made and operating costs, of £1,656,392 (2021: £3,646,502) the Foundation’s net assets, before investment losses/gains, increased over the year by £185,884 (2021: £604,659). Conditions in global investment markets including a downturn in the final quarter of the financial year resulted in a year-end unrealised gain of £1,055,872 (2021: £1,849,890).

Essential resources

This fund covers all the Foundation’s day-to-day income and operating costs. Significant work has been done on managing our essential resource costs. The donations for essential resources were £245,529 (2021: £342,143) showing a maintenance of Immediate Impact Funding. Our expenditure of £447,918 (2021: £411,344) represented a return to more work travel and also incorporated a film production for which the costs were supported by a corporate donor. Of the £194,419 transfer in funds to fund our operating costs all £194,419 was from the agreed 1.5% on management of the Endowment. The Foundation is very grateful for the continued support of existing fund holders and sponsors contributing to the growth of the Foundation, the Annual Charity Symposium and production of collateral.

Restricted funds for granting

The Restricted Fund includes funds for grant-making generated from BCF’s own resources, together with Funds donated by a number of supporters. We continued to meet the stated aim of the Foundation of delivering effective grants across a range of programmes that respond to identified needs, whilst ensuring that our operational costs can be met.

The funding of BCF grants is derived from donations and investment income from Endowments after contribution to essential resources together with other Immediate Impact funds received. BCF grants totalled £1,208,474 (2021: £3,235,158) in the year, the second most successful year in our history.

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

Endowment – capital endowment funds

The Permanent Funds (which include The Slough Social Fund and The Community First Fund) and Expendable Endowment Funds constitute the capital of the Foundation. The resources of the Permanent Endowment arise from grants and donations from private individuals, corporates and other charitable trusts and are held as permanent capital. The Expendable Endowment Fund is funded from similar sources.

At the end of the year, after accounting for a net gain of £1,055,872 (2021: £1,849,890) in the market value of its investments and following additional donations of £422,913 (2021: £287,289) the Foundation’s Capital Endowment Funds stood at £13,066,905 (2021: £11,619,391).

Investment policy and performance

The Finance and Investment Committee (F&I) makes recommendations to the Trustee Board as to the Foundation’s financial and investment strategy, and in addition is charged with monitoring and regularly reporting to the Board on the performance of the Foundation’s investments.

The majority of the Foundation’s assets comprise investments listed on recognised Stock Exchanges and are professionally managed. The F&I committee annually review the Foundation’s Investment Policy and any recommendations subsequently require the approval of the Trustee Board. The Foundation’s current fundamental investment policy addresses the key objective to “seek to achieve year-on-year an annual return of at least 4%, net of fees and averaged over three years, whilst preserving the Foundation’s capital in real terms”.

The Foundation pursues a policy of mitigating investment risk attached to its funds by ensuring a mixed diversified portfolio of cash, fixed interest securities and equity and property investments.

The majority of the Foundations investments are managed by CCLA and invested in COIF funds in a mixture of cash, equities and fixed income holdings - at 31[st] March 2022 the value was £12.2m. Property assets (£0.61m) which represent 4.8% of the Foundation’s investment portfolio, are managed by Mayfair Capital.

Going concern review

The Trustees have considered a detailed assessment of BCF’s financial forecasts to March 2022. This assessment has not identified any material uncertainties that cast doubt on BCF’s going concern status. In particular, endowment funds provide a long-term source of grant making funds and decision about future grant making can, if needed, be adjusted to reflect medium and long term investment returns.

The trustees consider that there are no material uncertainties about BCF’s ability to continue as a going concern.

Reserves policy

The Statement of Financial Activities shows the movement in the year of the Community Foundation’s Unrestricted and Restricted Funds. The year end balances on the Restricted Funds are available in their entirety for future grant making and agreed charitable expenditure.

The Trustees have reviewed the reliability of future funding sources, and the cost base of Berkshire Community Foundation in order to establish a reserves policy which allows sufficient funding to manage the organisation in an orderly manner through any short to medium term operating

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

difficulties. Subject to annual review and effective interim monitoring of financial performance the Trustees consider maintaining free unrestricted reserves at a level equivalent to 2-3 months of operating costs. Unrestricted reserves at 31st March 2022 £178,922 (2021: £182,732) are the equivalent 6 months of operating costs. The Trustees anticipate that financial performance may be adversely affected by future economic uncertainty and the Reserves Policy has been reviewed and enhanced during the year to include the agreed action in the event of the policy being significantly below or above the agreed policy figure.

Structure, governance, and management

Berkshire Community Foundation was established as a charity under a Trust Deed dated 11 November 1985, as amended by subsequent deeds of variation, and is constituted with the Trustees incorporated as a charitable body. On 1 April 2014 it transferred its entire undertaking into a charitable incorporated organisation (CIO) of the same name. The CIO has a Charity Registration number 1155173.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Foundation’s Trust Deed, the Charities Act 2011 and the provisions of the 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 published on 16 July 2014.

Trustees can be elected at any Trustee Board meeting that takes place each year and are drawn from the Foundation’s supporters across the County. No outside body or person has the right to appoint a Trustee. In accordance with the Foundation’s Trust Deed, the Board can comprise a maximum of 20 Trustees and a minimum of 5. The current number is 11. The Trustee Board is supported by a number of sub-committees.

Initially, Trustees are elected for a three-year term which can be renewed for a further three-year period. The Chairman, Treasurer, and Chairs of Finance & Investment and Philanthropy Committees can serve beyond the normal six years’ limit to enable them to complete a maximum of five years in office, subject to annual re-election of office.

As necessary, Trustees are provided with training in accordance with their individual requirements. Induction is provided through a briefing at the principal office of the charity and discussions with the staff and the officers of the Foundation.

The Trustee board normally meets four times a year in addition to the AGM and makes all significant decisions. Governance is covered in the main Board meetings as all Trustees are responsible for Governance.

A Finance and Investment Committee normally meets four times a year and is responsible for developing the Foundation’s financial policies and procedures, reviewing the financial affairs of the Foundation, making recommendations on matters including the annual budget to the Trustee Board and reviewing the risk register. The committee also monitors the investment performance on a quarterly basis and uses benchmarking to assess performance including the ARC index (Asset Risk Consultant).

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BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

A Philanthropy Committee normally meets four times a year and is responsible for supervising the agreed annual philanthropy and development budget, recommending philanthropy development strategies to the Board, for fund development, fundraising and the marketing of the Foundation.

A Grants Committee normally meets four times a year and is responsible for implementing the grant-making policies and procedures as agreed by the Board, and is responsible for the effective allocation of the Foundation’s grants.

Other working groups are occasionally formed to address specific issues e.g. Governance Working Group to assist in specific areas such as Quality Accreditation.

Governance review

A whole organisation Governance Review was undertaken in 2022 and the Board continues to follow and build upon its recommendations and through the Policies and Procedures being reviewed in accordance with the agreed plan. In addition, there is a separate governance model for crisis management in response to a local or national emergency.

Management Restructure

The BCF team led by the Joint CEOs will work to deliver the Foundation’s objectives of Community Impact, Growing Philanthropy and being a Leader in Thought & Action.

Plans for Future Periods

The Strategic Plan has been reviewed in 2022. The overall vision and aims of the organisation remain the same although we have added new objectives concerning the environmental impact and the use of digital tools. We continue to review income expectations on a regular basis so that grants activity and contributions to our essential resources are monitored and adjusted accordingly.

Key management personnel remuneration

The Trustees consider the Trustee Board and the Chief Executives as comprising the key management personnel of the charity. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustees’ other interests are set out in note 22.

The day-to-day management of the Foundation’s operations is delegated to the Chief Executives, working under the supervision of the Chair. The pay of the Chief Executives is reviewed annually to be commensurate with grant making charities of a similar size.

Risk management

The Trustees confirm that they have assessed the risks that apply to the operation of the Foundation and these risks are reviewed at staff team meetings, at the Finance and Investment Committee and the Board meetings. Systems have been put in place to mitigate the identified risks.

Other

Neither the Foundation nor its Trustees act as a Custodian trustee on behalf of others.

Auditors

A resolution for the re-appointment of Fiander Tovell Limited as auditors of the Foundation will be proposed by the Trustees at the forthcoming Annual General Meeting.

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

Tax status

The charity is entitled to those exemptions from UK taxation which are available in law to charities.

Administration

The administration and secretarial duties of the charity are undertaken at the principal office to which all enquiries should be made. Details of the Foundation’s principal office and its professional advisers are set out in the legal and administrative information.

Statement of trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2022

On behalf of the Trustees

Stephen Howard Chairman

2/12/2022 | 09:33 GMT

Date

Berkshire Community Foundation

100 Longwater Avenue, Reading, Berkshire, RG2 6GP

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DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BERKSHIRE COMMUNITY FOUNDATION

Opinion

We have audited the financial statements of Berkshire Community Foundation (the ‘Charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BERKSHIRE COMMUNITY FOUNDATION

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees is responsible for assessing the Charity’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 the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BERKSHIRE COMMUNITY FOUNDATION

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Meacher FCA (Senior Statutory Auditor) for and on behalf of Fiander Tovell Limited

2/12/2022 | 13:10 GMT

.........................

Chartered Accountants Statutory Auditor

Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
funds
2022
Notes
£
Income from:
Donations and legacies
3
245,529
Investments
4
4,160
Total income and endowments
249,689
Expenditure on:
Raising funds
5
300,155
Charitable activities
6
147,763
Total expenditure
447,918
Net gains/(losses) on investments
11
-
Net (outgoing)/incoming resources before
transfers
(198,229)
Gross transfers between funds
194,419
Net movement in funds
(3,810)
Fund balances at 1 April 2021
182,732
Fund balances at 31 March 2022
178,922		 Restricted Endowment
funds
funds
2022
2022
£
£
789,934
422,913
-
379,740
789,934
802,653
-
-
1,208,474
-
1,208,474
-
-
1,055,872
(418,540)
1,858,525
216,592
(411,011)
(201,948)
1,447,514
682,912
11,619,391
480,964
13,066,905		 Total
2022
£
1,458,376
383,900
1,842,276
300,155
1,356,237
1,656,392
1,055,872
1,241,756
-
1,241,756
12,485,035
13,726,791		 Total
2021
£
3,889,852
361,309
4,251,161
269,131
3,377,371
3,646,502
1,849,890
2,454,549
-
2,454,549
10,030,486
12,485,035

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2022

|2022
Notes
£
£
Fixed assets
Tangible assets
12
2,080
Investments
13
12,837,584
12,839,664
Current assets
Debtors
15
99,176
Cash at bank and in hand
1,211,595
1,310,771
Creditors: amounts falling due within
one year
16
(423,644)
Net current assets
887,127
Total assets less current liabilities
13,726,791
Capital funds
Endowment funds-general
Permanent endowment
8,154,930
Expendable endowment
4,911,975
18
13,066,905
Income funds
Restricted funds
19
480,964
Unrestricted funds
178,922
13,726,791
The financial statements were approved by the Trustees on .........................
..............................
..............................
S Howard
J Elliott
Trustee
Trustee
2/12/2022 | 09:33 GMT|2021
£
£
3,505
11,600,908
11,604,413
108,765
840,206
948,971
(68,349)
880,622
12,485,035
7,475,897
4,143,494
11,619,391
682,912
182,732
12,485,035|2021
£
£
3,505
11,600,908
11,604,413
108,765
840,206
948,971
(68,349)
880,622
12,485,035
7,475,897
4,143,494
11,619,391
682,912
182,732
12,485,035| |---|---|---| |||11,604,413
880,622| |||12,485,035| |||11,619,391
682,912
182,732| |||12,485,035| ||||

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
23
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds on disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
-
(182,287)
1,483
383,900		 £
168,293
203,096
-
371,389
840,206
1,211,595		 2021
£
(4,275)
(214,164)
-
361,309		 £
90,399
142,870
-
233,269
606,937
840,206

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

The Foundation was constituted under a Charitable Trust Deed dated 11 November 1985, as amended by subsequent deeds of variation, and was registered with the Charity Commissioners number 294220. On 1 April 2014 the net assets of the unincorporated charity were transferred to a charitable incorporated organisation (CIO) of the same name. This transfer was shown on the Statement of Financial Activities as a transfer of Fund Balances. The CIO has a new Charity Registration number 1155173.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011 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 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Such funds may be held in order to finance both working capital and capital investment.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements

Permanent Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. The purpose of this fund is to provide the permanent capital of the Foundation, which may not be applied to grant making, or to the operational costs.

Expendable Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. The purpose of this fund is to provide the Foundation with resources which can be expended at the discretion of the Trustees.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Resources expended are accounted for on an accruals basis such that liabilities are recognised as expended resources as soon as there is a legal or constructive obligation on the part of the Foundation.

All direct charitable expenditure relates to grants made and the associated costs of administration and support. Grants are accounted for when the decision has been formally communicated to the beneficiaries and any attaching conditions have been met.

The support costs incurred by the Foundation to enable the accomplishment of its principal activities are directly attributable wherever possible to the relevant fund and activity. Certain common costs are allocated between the funds and activities in accordance with the amount of time or other resource attributed to those activities. Governance costs are those expenses which relate to the general management, compliance activities, and strategic development of the Foundation and which are not attributable to the generation of funds or the execution of its charitable activities.

Irrecoverable VAT is accounted for as part of the associated expense.

Pension costs represent the payments made in respect of personal pension and stakeholder pension policies.

1.6 Tangible fixed assets

Tangible fixed assets measuring more than £500 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees consider that there are no material areas of judgement or estimation uncertainty.

3 Donations and legacies

Unrestricted
Restricted Endowment
funds
funds
funds
general
2022
2022
2022
£
£
£
Donations and gifts
235,589
-
-
Grants and donations for redistribution
-
777,459
5,000
Membership fees
9,940
12,475
6,238
Donated goods and services
-
-
-
Endowment funds received
-
-
411,675
245,529
789,934
422,913
For the year ended 31 March 2021
342,143
3,260,420
287,289		 Total
2022
£
235,589
782,459
28,653
-
411,675
1,458,376		 Total
2021
£
321,818
3,242,958
45,889
630
278,557
3,889,852
3,889,852

Donated goods and services

In the prior year the donated goods and services related to office space and service. They are included at their estimated value to the Foundation.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Investments

Unrestricted
Restricted Endowment
funds
funds
funds
general
2022
2022
2022
£
£
£
Dividends and interest from
Endowment fund assets
-
-
379,740
Interest receivable
4,160
-
-
4,160
-
379,740
For the year ended 31 March 2021
2,135
1,981
357,193		 Total
2022
£
379,740
4,160
383,900		 Total
2021
£
357,193
4,116
361,309
361,309

5 Raising funds

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Fundraising and publicity
Governance staff costs 68,761 67,615
Office and other expenses 38,631 34,771
Fundraising and promotion 42,402 2,555
Professional services 10,948 25,242
Other fundraising costs 9,771 12,418
Staff costs 128,217 125,760
Depreciation and impairment 1,425 770
Fundraising and publicity 300,155 269,131
300,155 269,131

In both the current and prior year, costs relating to raising funds were expensed from unrestricted funds.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

6 Charitable activities

Staff costs
Rent and rates
Travel
Telephone
Printing, postage, stationery and website
Administration
Grant funding of activities (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds		 2022
£
130,144
13,591
1,490
1,534
221
783
147,763
1,208,474
1,356,237
147,763
1,208,474
1,356,237		 2021
£
126,650
13,591
479
984
268
241
142,213
3,235,158
3,377,371
142,213
3,235,158
3,377,371

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

7 Grants payable

The causes supported through each grant made in the year are detailed below.

Anti-social Behaviour
Arts, Culture & Heritage
Caring Responsibilities
Counselling/Advice/Mentoring
Crime & Safety
Disability & Access Issues
Domestic Violence
Education, Learning & Training
Emergency Rescue Services
Employment & Labour
Environment & Improving Surroundings
Financial Exclusion & Financial Illiteracy
Health, Wellbeing & Serious Illness
Homelessness
Housing
IT/Technology
Mental Health
Offending/At Risk of Offending
Poverty & Disadvantage
Refugees/Asylum/Immigration
Social Inclusion & Fairness
Sport & Recreation
Stronger Communities/Community Support
Substance Abuse & Addiction
Supporting Family Life
Violence & Exploitation
Other		 2022
£
10,000
122,424
32,698
64,971
5,000
62,107
37,810
76,450
-
20,000
6,000
11,800
127,168
12,900
9,980
-
281,976
10,000
106,799
8,000
49,261
67,190
14,580
10,000
56,360
5,000
-
1,208,474		 2021
£
-
29,025
55,881
76,009
255,000
70,793
148,796
197,055
5,000
145,909
-
3,800
552,733
163,657
-
7,578
275,919
40,000
208,499
5,000
39,420
15,000
319,259
10,000
96,993
10,000
503,832
3,235,158

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

7 Grants payable

(Continued)

Included within the above causes are material grants made to the following institutions:

General
Campaign
Give a Child a Chance
3i Immediate Fund
Ace Let's Create Jubilee
Ascot Racecourse Community Fund
David Brownlow Charitable Fund
DCMS Matched Fund
DCMS NET
Hall Hunter
Herongate
Honda
Made By Sport
Mars
NET
Oracle
Pargiter Trust
Procter & Gamble
RBWM
Reading Together
Reckitt
SEGRO
SGN
Stevenson Family Trust
Syder
ThreeUK
Three Windsor and Maidenhead
Wellington College
Whitley Big local
Wokingham Mental Health
Wokingham United
Other Non-material Grants		 2022
£
162,252
34,214
31,575
-
78,102
64,236
-
-
-
22,311
32,385
17,153
53,000
56,734
-
5,000
66,826
1,800
2,500
-
74,455
5,000
-
43,200
-
29,007
-
18,000
27,941
192,000
64,558
126,225
1,208,474		 2021
£
17,452
181,961
250
25,700
-
51,346
17,500
290,054
243,398
2,640
-
19,407
-
45,800
632,403
20,000
76,759
20,000
21,740
246,000
825,691
152,167
19,770
39,787
25,000
-
25,000
-
129,593
-
-
105,740
3,235,158

All grants paid are made to institutions for both years. No grants were made to individuals.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8 Support costs

Support costs
Staff costs
Audit fees
Analysed between
Fundraising		 Support
costs
Governance
costs
£
£
-
62,389
-
6,372
-
68,761
-
68,761		 2022
£
62,389
6,372
68,761
68,761		 2021
£
61,495
6,120
67,615
67,615

Governance costs includes payments to the auditors of £6,372 (2021- £6,120) for audit fees.

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

The total expenses reimbursed to Trustees was £nil (2021: £nil).

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
7
2022
£
278,360
26,194
16,131
320,685		 2021
Number
7
2021
£
273,038
25,898
14,969
313,905

The Full Time Equivalent number of employees was 6.60 (2021: 6.08).

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10
Employees
The number of employees whose annual remuneration was £60,000 or more
were:
£60,001 - £70,000
11
Net gains/(losses) on investments
Revaluation of investments
12
Tangible fixed assets
Cost
At 1 April 2021
Disposals
At 31 March 2022
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 (Continued)
2022
2021
Number
Number
2
1
Endowment Endowment
funds
funds
general
general
2022
2021
£
£
1,055,872
1,849,890
Fixtures and fittings
£
5,412
(1,137)
4,275
1,907
1,425
(1,137)
2,195
2,080
3,505

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13 Fixed asset investments

Permanent
Endowment
Expendable
Endowment
£
£
Cost or valuation
At 1 April 2021
7,470,547
4,130,361
Additions
-
182,287
Net unrealised and unrealised gain
675,516
380,356
At 31 March 2022
8,146,063
4,693,004
Impairment
At 1 April 2021
-
-
Disposals
1,483
-
At 31 March 2022
1,483
-
Carrying amount
At 31 March 2022
8,144,580
4,693,004
At 31 March 2021
7,470,547
4,130,361		 Total
£
11,600,908
182,287
1,055,872
12,839,067
-
1,483
1,483
12,837,584
11,600,908

The investments are professionally managed, £12,176,522 of the investments are managed by CCLA , £612,856 are managed by Mayfair Capital and £48,206 managed by Fundsmith .

CCLA unrealised gains are reported net of CCLA management fees. All CCLA and Mayfair Capital investment income is paid direct into the bank account.

The Fundsmith shares are accumulation shares.

The Mayfair Property Fund represents 5% of the total investment portfolio.

14
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
15
Debtors
Amounts falling due within one year:
Prepayments and accrued income		 2022
£
12,837,584
2022
£
99,176		 2021
£
11,600,908
2021
£
108,765

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
15,575
3,457
311,762
92,850
423,644		 2021
£
18,911
66
3,750
45,622
68,349

Included within the above is deferred income of £83,261 (2021 - £19,350). In 2022 deferred income related to prepaid investment income. In 2021 deferred income related to events that were postponed during Covid, for which donations had already been received.

17 Retirement benefit schemes

Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £16,131 (2021 - £14,969).

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

18 Endowment funds

Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Permanent endowments
Permanent Endowment
Expendable endowments
Expendable Endowment
Permanent endowments
Permanent Endowment
Expendable endowments
Expendable Endowment		 Balance at
1 April 2021
£
7,475,897
4,143,494
11,619,391
Balance at
1 April 2020
£
6,249,869
3,285,343
9,535,212		 Incoming
resources
£
246,406
556,247
802,653
Incoming
resources
£
938
643,544
644,482		 Movement in funds
Resources
expended
Transfers
£
£
-
(242,889)
-
(168,122)
-
(411,011)
Movement in funds
Resources
expended
Transfers
£
£
-
-
-
(410,193)
-
(410,193)		 Revaluations
gains and
losses
Balance at
31 March 2022
£
£
675,516
8,154,930
380,356
4,911,975
1,055,872
13,066,905
Revaluations
gains and
losses
Balance at
31 March 2021
£
£
1,225,090
7,475,897
624,800
4,143,494
1,849,890
11,619,391		 Revaluations
gains and
losses
Balance at
31 March 2022
£
£
675,516
8,154,930
380,356
4,911,975
1,055,872
13,066,905
Revaluations
gains and
losses
Balance at
31 March 2021
£
£
1,225,090
7,475,897
624,800
4,143,494
1,849,890
11,619,391
11,619,391

Permanent endowment

The purpose of this fund is to provide the permanent capital of the Foundation, which may not be applied to grant making, or to the operational costs. The resources of this fund arose from grants and donations from private individuals, corporates, and other charitable trusts, given specifically to be held permanently as capital. The income generated by the capital investments is currently transferred to the Restricted fund and used by the Trustees to fund general grants.

Expendable endowment

The purpose of this fund is to provide the Foundation with resources which can be expended at the discretion of the Trustees. The resources arose from donations from private individuals, corporates, and other charitable trusts, given for this purpose and are held as fixed asset investments and cash deposits. The income generated by the investments and deposits is also expended at the discretion of the Trustees and has been transferred to the Restricted fund to support grant making. In addition, resources have been transferred to the Unrestricted fund to support operating costs, some fund raising costs and fund development special project costs.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

19 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 April 2021
£
Linked Revenue
Funds (Endowment)
(34 Funds)
306,715
Community First
Revenue (17 Funds)
77,669
Flow through Funds
(25 Funds)
298,528
682,912
Balance at
1 April 2020
£
Linked Revenue
Funds (Endowment)
(34 Funds)
160,778
Community First
Revenue (17 Funds)
45,286
Flow through Funds
(25 Funds)
207,469
413,533		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations,
gains and
losses
31
£
£
£
£
97,853
(325,501)
184,116
-
-
(46,241)
30,864
-
692,081
(836,732)
1,612
-
789,934
(1,208,474)
216,592
-
Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations,
gains and
losses
31
£
£
£
£
360,860
(131,287)
(83,636)
-
63,967
(1,091)
(30,493)
-
3,194,767
(3,102,780)
(927)
-
3,619,594
(3,235,158)
(115,056)
-		 Balance at
March 2022
£
263,183
62,292
155,489
480,964
Balance at
March 2021
£
306,715
77,669
298,528
682,912

Grants Fund (Restricted)

The purpose of the General Grants Fund is to carry out the grant making objectives specified in the Foundation's Trust Deed, The incoming resources arose from donations from private individuals, corporates, and other charitable trusts, given specifically for grant making and the associated administrative support costs. The investment income earned by the Endowment funds has been transferred to the General Grants Fund, and the fund has also received support from the Operating Fund through funding of its administrative support costs. That proportion of donations which are intended to cover grant administration costs have been transferred to the Operating Fund to offset the support provided.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

20 Analysis of net assets between funds

Unrestricted
funds
2022
£
Fund balances at 31 March 2022 are represented
by:
Tangible assets
2,080
Investments
6,650
Current assets/(liabilities)
170,192
178,922
Unrestricted
funds
2021
£
Fund balances at 31 March 2021 are represented
by:
Tangible assets
3,505
Investments
6,650
Current assets/(liabilities)
172,577
182,732		 Restricted
funds
Endowment
funds
2022
2022
£
£
-
-
-
12,830,934
480,964
235,971
480,964
13,066,905
Restricted
funds
Endowment
funds
2021
2021
£
£
-
-
-
11,594,258
682,912
25,133
682,912
11,619,391		 Total
2022
£
2,080
12,837,584
887,127
13,726,791
Total
2021
£
3,505
11,600,908
880,622
12,485,035

21 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
28,315
2,360
30,675		 2021
£
28,315
30,675
58,990

Operating lease payments represent rentals payable by the company for lease of its offices. Leases are negotiated for a term of 3 years and rentals are fixed for 3 years. The company made payments in the year of £28,315 relating to the rent agreement.

DocuSign Envelope ID: 122B480C-61DB-4110-83EE-9B74C8E3719F

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

22 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 150,673 124,183

Transactions with related parties

During the year the Charity entered into the following transactions with related parties:

Grants totalling £5,000 were made to Ufton Court Educational Trust, where trustees included a BCF trustee . During 2021 grants of £9,560 were made to Youthline, where Trustees included a BCF trustee.

Donations were received by the Foundation from Blandy & Blandy LLP totalling £2,350, where the trustees / directors included a BCF Trustee. During 2021 £22,500 was received by The David Brownlow Charitable Foundation where the trustees / directors included a BCF Trustee.

23 Cash generated from operations 2022 2021
£ £
Surplus for the year 1,241,756 2,454,549
Adjustments for:
Investment income recognised in statement of financial activities (383,900) (361,309)
Fair value gains and losses on investments (1,055,872) (1,849,890)
Depreciation and impairment of tangible fixed assets 1,425 770
Movements in working capital:
Decrease/(increase) in debtors 9,589 (9,185)
Increase/(decrease) in creditors 355,295 (144,536)
Cash generated from operations 168,293 90,399

24 Analysis of changes in net funds The Charity had no debt during the year.