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2023-03-31-accounts

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

Report and Financial Statements Year ended 31[st] March 2023

Charity Registration Number 1155173 CIO Number CE001570

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

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 Burrows
Chair 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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

CONTENTS

Page
Trustees' report 1 - 15
Independent auditor's report 16 - 18
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Notes to the financial statements 22 - 36

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

The Trustees present their report and accounts for the financial year ended 31st March 2023.

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 Constitution, 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 £1.01 million to 173 organisations in 231 grants. This represents the sixth consecutive year in which we have distributed over £1m in grants to voluntary groups and charities in Berkshire.

Following the flooding issue at our office in early March 2022 we were able to continue to deliver effective grant making through the use of online tools and continued to service our many donors and supporters effectively. We returned to our office in June 2022.

Our strategic aim of growing philanthropy in Berkshire saw us deliver another successful year of fundraising at £1.2m in a period of continuing economic uncertainty.

We organised our Charity Symposium in October 2022 which was attended by 80 Berkshire organisations. Feedback was very positive and the individuals representing the organisations greatly value the information shared and the opportunity the event presents to meet others from the sector.

In March 2023 we hosted a very successful event at The Fairmont Hotel in Windsor attended by HRH Princess Beatrice, BCF Patron, The Rt Hon Theresa May MP for Maidenhead and Professor Dame Sara Thornton DBE QPM. Over afternoon tea, 85 female leaders in Berkshire’s corporate, civil and charitable sectors heard an update on BCF’s ‘Together for Women and Girls’ fund, launched in 2019 to tackle women’s issues, ranging from domestic abuse and homelessness to financial hardship, exploitation and modern slavery.

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.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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.

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 (2023-2026) objectives are:

Our values

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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.

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

We have 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 individuals and corporate partners such as Ascot Racecourse, Mars Wrigley, Stoke Park, Honda, Reckitt 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 Department of Digital, Culture, Media & Sport and The National Lottery Community Fund to support young people via the #iwill funding initiative.

Our grant making in the year saw £1,007,946 awarded (2022: £1,208,474). The number of groups supported during this financial year was 173 (181).

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

Grants Awarded by Local Authority Area 2022/23

----- Start of picture text -----
Approved
Local Authority Applications Amount Awarded
Reading 66 £293,427
Wokingham 39 £217,138
Windsor and Maidenhead 37 £140,740
Slough 31 £136,751
Bracknell Forest 29 £122,234
West Berkshire 27 £97,656
Total 229 £1,007,946
----- End of picture text -----

Top 5 Beneficiary Groups

  1. Children and Young People

  2. People with Mental Health Issues

  3. Older People.

  4. People Living in Poverty 5. Families/Parents/Lone Parents

  5. Top 5 Issues Addressed

  6. Mental Health

  7. Health, Wellbeing and Serious Illness

  8. Poverty and Disadvantage

  9. Disability and Access issues 5. Education, Learning and Training.

The top five issues addressed and the variety in beneficiary groups reflect the scope of projects that apply to us for funding. They are also an indication of the on-going needs in our communities being met by the groups we support.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

Growing Philanthropy

We continued to work with a wide range of partners to generate and deliver philanthropy across Berkshire. This saw us deliver another successful year of fundraising at £1,219,615 (2022: £1,458,376) in a period of continuing economic uncertainty. This income created new endowment funds 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 to deliver our services. The pie chart below shows the type of donation income gross of core fees, it is therefore not entirely comparable with the SOFA headline figures.

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 Wrigley, Ascot Racecourse, Wellington College, Stoke Park 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, 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 and the Robert McAlpine Foundation. Healthwatch Reading transferred their funds of £113,461 to create a new endowed fund to support health and well-being in Reading. 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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

The Business Philanthropy Club (BPC) came together at Stanlake Vineyard near Reading to hear the thoughts of Sir Hugh Stevenson on the importance of charity and philanthropic giving. Volunteering, which is offered as part of the Business Philanthropy Club membership, was arranged for Reckitt, Ancoris and Ascot Racecourse. Ascot introduced a volunteer week for their staff which took place in September and saw 83 staff engage with 12 local charities.

Our lunch at The Fairmont Hotel in Windsor in support of our Together for Women & Girls Fund was in the presence HRH Princess Beatrice, BCF Patron, The Rt. Hon Theresa May MP for Maidenhead and Professor Dame Sara Thornton DBE QPM, former UK Independent Anti-Slavery Commissioner. The event generated significant support as we look to build on the work we have undertaken in the field over the last few years.

In September 2022 we celebrated Her Late Majesty Queen Elizabeth’s Platinum Jubilee by distributing awards to seven voluntary groups from across Berkshire, totaling £70,000, representing £10,000 for each of the seven decades of the reign. A special presentation event was held at The Guildhall Windsor in the presence of the Lord Lieutenant of Berkshire, the High Sheriff of Berkshire and Her Worship the Mayor of the Royal Borough of Windsor and Maidenhead to recognise voluntary groups who have shown outstanding commitment and service to the local community and who have given their time freely for the benefit of others.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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.

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 13[th] Annual Charity Symposium event in person with 80 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.

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.

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 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 Surviving Winter, Give a Child a Chance, Together for Women & Girls and the Lexicon Fund.

The Board held a Governance Review in April 2022 assessing and developing actions with respect to our organisational purpose, leadership, integrity, decision making, risk and control, board effectiveness, diversity and inclusion, openness and accountability.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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 3. The grant-making policy is reviewed annually to ensure that it reflects the Foundation’s objects and advances public benefit.

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.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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 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 £1,611,582 (£1,842,276). After total expenditure, comprising grants made and operating costs, of £1,452,702 (£1,656,392) the Foundation’s net assets, before investment losses/gains, increased over the year by £158,880 (£185,884). Conditions in global investment markets resulted in a year-end unrealised loss on capital of £580,672 (Gain £1,055,872).

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. Income for essential resources was £215,404 (£249,689) while expenditure of £444,756 (£447,918) represented a continued focus on operational efficiency. Of the £233,156 transfer in funds to fund our operating costs, £195,176 was from the agreed 1.5% on management of the Endowment, and £37,980 was from agreed transfers from existing restricted funds where donors had agreed to fund events or specific expenditure. The Foundation is very grateful for the continued support of existing fund holders and sponsors contributing to the growth of the Foundation.

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 £1,007,946 (£1,208,474) in the year.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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 loss of £580,672 (gain £1,055,872) in the market value of its investments and following additional donations of £248,005 (£422,913) the Foundation’s Capital Endowment Funds stood at £12,650,378 (£13,066,905).

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 2023 the value was £11,715,250. Property assets (£492,642) which represent 4.0% of the Foundation’s investment portfolio, are managed by Swiss Life Asset Managers LUK Limited.

Going concern review

The Trustees have considered a detailed assessment of BCF’s financial forecasts to March 2024. 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.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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 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 2023 £182,726 (£178,922) are the equivalent 4 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.

The trustees have reviewed all major risks and have implemented systems to deal with the threats identified.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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.

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.

Chairman

Stephen Howard

Trustees

Debra Allcock Tyler Alexander Barfield Nick Burrows Darren Browne Julie Elliott, Treasurer Margaret Haines MVO Camilla Horwood Jane Potter Sue Roberts Sean Taylor DL

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

Chairs of Sub-Committees

Finance and Investment, Nick Burrows Grants Committee, Margaret Haines MVO Philanthropy Committee, Alexander Barfield

Chief Executives

Geraldine Lejeune OBE DL Jon Yates

Principal Office

100 Longwater Avenue, Reading, Berkshire, RG2 6GP

Charity Number

1155173

Auditors

Fiander Tovell Limited, Stag Gates House, 63/64 The Avenue, Southampton SO17 1XS

Bankers

Handelsbanken, Forbury Road, Apex Plaza, Reading, Berkshire RG1 1AX HSBC UK, Hamilton CCC, Hamilton Int’l Technology Park, High Blantyre. G72 0FD

Solicitors

Blandy & Blandy, One Friar Street, Reading, Berkshire RG1 1DA

Investment Managers

CCLA Investment Management Ltd, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Mayfair Capital Investment Management Ltd, 2 Cavendish Square, London, W1G 0PU

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.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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.

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 on pages 13-14.

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.

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DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDING 31 MARCH 2023

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.

On behalf of the Trustees

Stephen Howard Chair

23/11/2023 | 09:12 GMT Date

Berkshire Community Foundation

100 Longwater Avenue, Reading, Berkshire, RG2 6GP

15 | P a g e

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

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 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and 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 Financial Reporting Standard 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 are 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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

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 are 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 determine 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 are 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.

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 charity'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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

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 trustees 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Buse ACA (Senior Statutory Auditor) for and on behalf of Fiander Tovell Limited

24/11/2023 | 07:45 GMT

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

Chartered Accountants Statutory Auditor

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

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
funds
2023
Notes
£
Income from:
Donations and legacies
3
209,057
Investments
4
6,347
Total income and endowments
215,404
Expenditure on:
Raising funds
5
304,652
Charitable activities
6
140,104
Total expenditure
444,756
Net gains/(losses) on investments
11
-
Net (outgoing)/incoming resources before
transfers
(229,352)
Gross transfers between funds
233,156
Net movement in funds
3,804
Fund balances at 1 April 2022
178,922
Fund balances at 31 March 2023
182,726		 Restricted Endowment
funds
funds
2023
2023
£
£
762,553
248,005
-
385,620
762,553
633,625
-
-
1,007,946
-
1,007,946
-
-
(580,672)
(245,393)
52,953
236,324
(469,480)
(9,069)
(416,527)
480,964
13,066,905
471,895
12,650,378		 Total
2023
£
1,219,615
391,967
1,611,582
304,652
1,148,050
1,452,702
(580,672)
(421,792)
-
(421,792)
13,726,791
13,304,999		 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

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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2023

2023 2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 655 2,080
Investments 13 12,256,912 12,837,584
12,257,567 12,839,664
Current assets
Debtors 15 162,728 99,176
Cash at bank and in hand 1,152,021 1,211,595
1,314,749 1,310,771
Creditors: amounts falling due within
one year 16 (267,317) (423,644)
Net current assets 1,047,432 887,127
Total assets less current liabilities 13,304,999 13,726,791
Capital funds
Endowment funds-general
Permanent endowment 7,798,639 8,154,930
Expendable endowment 4,851,739 4,911,975
18 12,650,378 13,066,905
Income funds
Restricted funds 19 471,895 480,964
Unrestricted funds 182,726 178,922
13,304,999 13,726,791
The financial statements were approved by the Trustees on .........................
23/11/2023		 09:12 GMT
.............................. ..............................
S Howard J Elliott
Trustee Trustee

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
23
Investing activities
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(451,541)
-
-
391,967
391,967
-
(59,574)
1,211,595
1,152,021		 2022
£
£
168,293
(182,287)
1,483
383,900
203,096
-
371,389
840,206
1,211,595		 2022
£
£
168,293
(182,287)
1,483
383,900
203,096
-
371,389
840,206
1,211,595
371,389
840,206
1,211,595

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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, modified to include the revaluation of listed investments at fair value.The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have 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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 the statement of financial activities.

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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are 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
2023
2023
2023
£
£
£
Donations and gifts
207,707
-
-
Grants and donations for redistribution
-
743,178
-
Membership fees
1,350
19,375
9,688
Endowment funds received
-
-
238,317
209,057
762,553
248,005
For the year ended 31 March 2022
245,529
789,934
422,913
Investments
Unrestricted
Restricted Endowment
funds
funds
funds
general
2023
2023
2023
£
£
£
Income from listed investments
-
-
385,620
Interest receivable
6,347
-
-
6,347
-
385,620
For the year ended 31 March 2022
4,160
-
379,740		 Total
2023
£
207,707
743,178
30,413
238,317
1,219,615
Total
2023
£
385,620
6,347
391,967		 Total
2022
£
235,589
782,459
28,653
411,675
1,458,376
1,458,376
Total
2022
£
379,740
4,160
383,900
383,900

4 Investments

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

5 Raising funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Governance costs 77,311 68,761
Office and other expenses 39,716 38,631
Fundraising and promotion 24,371 42,402
Professional services 3,579 10,948
Other fundraising costs 20,486 9,771
Staff costs 137,764 128,217
Depreciation and impairment 1,425 1,425
304,652 300,155

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

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		 2023
£
121,406
10,384
4,063
101
350
3,800
140,104
1,007,946
1,148,050
140,104
1,007,946
1,148,050		 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

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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
Economy
Education, Learning & Training
Emergency Rescue Services
Employment & Labour
Environment & Improving Surroundings
Financial Exclusion & Financial Illiteracy
Health, Wellbeing & Serious Illness
Homelessness
Housing
Mental Health
Offending/At Risk of Offending
Poverty & Disadvantage
Refugees/Asylum/Immigration
Sexual Abuse
Social Inclusion & Fairness
Sport & Recreation
Stronger Communities/Community Support
Substance Abuse & Addiction
Supporting Family Life
Violence & Exploitation
Victims Of Crime/ Violence/ Abuse		 2023
£
11,980
9,100
28,615
76,517
25,451
78,770
27,500
2,500
77,444
12,538
28,795
6,000
10,761
131,952
14,735
1,008
164,924
30,000
97,513
11,000
1,000
39,589
35,940
15,500
12,500
51,314
-
5,000
1,007,946		 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

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Grants payable

(Continued)

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

Age UK Reading
ASD Family Help
Autism Berkshire
ABC to read
Aik Saath - Together As One
Beat Routes
Berkshire Youth
Berkshire Vision
Browns Community Services CIC
Dingley's Promise
Free Legal Advice Group for Domestic Violence (FLAG DV)
Home-Start Slough
Learning to Work (South East) Ltd
Norden Farm Centre for the Arts
Oxfordshire Mind
Parents And Children Together
Reading Refugee Support Group
Reading Repertory Theatre
Sebastian's Action Trust
Thames Hospice
The Cowshed
The Dash Charity
The Mustard Tree Foundation
The Woodland Centre Trust (Camp Mohawk)
Whitley Community Development Association
Yeldall Manor
Other non-material grants made to institutions		 2023
£
-
-
-
15,000
19,660
14,821
15,000
-
20,000
-
15,000
-
17,500
-
48,000
39,916
-
-
-
10,750
12,500
17,810
19,117
20,000
-
12,500
710,372
1,007,946		 2022
£
13,245
14,092
12,826
-
-
11,928
15,000
16,000
-
10,258
-
20,228
15,000
12,100
192,000
15,454
11,846
12,000
19,728
33,341
20,000
19,236
14,905
-
27,941
-
701,346
1,208,474

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

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Support costs

Support costs
Staff costs
Audit fees
Accountancy
Analysed between
Fundraising		 Support
costs
Governance
costs
£
£
-
65,879
-
7,680
-
3,752
-
77,311
-
77,311		 2023
£
65,879
7,680
3,752
77,311
77,311		 2022
£
62,389
6,372
-
68,761
68,761

Governance costs includes payments to the auditors of £7,680 (2022- £6,372) 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 (2022: £nil).

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
7
2023
£
280,960
24,648
19,441
325,049		 2022
Number
7
2022
£
278,360
26,194
16,131
320,685

The Full Time Equivalent number of employees was 5.61 (2022: 6.60).

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 2022
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 (Continued)
2023
2022
Number
Number
2
2
Endowment Endowment
funds
funds
general
general
2023
2022
£
£
(580,672)
1,055,872
Fixtures and fittings
£
4,275
4,275
2,195
1,425
3,620
655
2,080		 (Continued)
2023
2022
Number
Number
2
2
Endowment Endowment
funds
funds
general
general
2023
2022
£
£
(580,672)
1,055,872
Fixtures and fittings
£
4,275
4,275
2,195
1,425
3,620
655
2,080
and fittings
£
4,275
4,275
2,195
1,425
3,620
655
2,080

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Fixed asset investments

Permanent
Endowment
Expendable
Endowment
£
£
Cost or valuation
At 1 April 2022
8,144,580
4,693,004
Net realised and unrealised losses
(356,291)
(224,381)
At 31 March 2023
7,788,289
4,468,623
Carrying amount
At 31 March 2023
7,788,289
4,468,623
At 31 March 2022
8,144,580
4,693,004		 Total
£
12,837,584
(580,672)
12,256,912
12,256,912
12,837,584

The investments are professionally managed, £11,715,250 of the investments are managed by CCLA , £492,642 are managed by Mayfair Capital and £49,020 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 4% 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		 2023
£
12,256,912
2023
£
162,728		 2022
£
12,837,584
2022
£
99,176

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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		 2023
£
13,890
-
241,131
12,296
267,317		 2022
£
15,575
3,457
311,762
92,850
423,644

Included within the above is deferred income of £2,296 (2022 - £83,261). In both the current and prior year, deferred income related to prepaid investment income.

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 £19,441 (2022 - £16,131).

DocuSign Envelope ID: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 2022
£
8,154,930
4,911,975
13,066,905
Balance at
1 April 2021
£
7,475,897
4,143,494
11,619,391		 Incoming
resources
£
244,209
389,416
633,625
Incoming
resources
£
246,406
556,247
802,653		 Movement in funds
Resources
expended
Transfers
£
£
-
(244,209)
-
(225,271)
-
(469,480)
Movement in funds
Resources
expended
Transfers
£
£
-
(242,889)
-
(168,122)
-
(411,011)		 Revaluations
gains and
losses
Balance at
31 March 2023
£
£
(356,291)
7,798,639
(224,381)
4,851,739
(580,672) 12,650,378
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 2023
£
£
(356,291)
7,798,639
(224,381)
4,851,739
(580,672) 12,650,378
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
13,066,905

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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 2022
£
Linked Revenue
Funds (Endowment)
(34 Funds)
263,183
Community First
Revenue (17 Funds)
62,292
Flow through Funds
(25 Funds)
155,489
480,964
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		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations,
gains and
losses
31
£
£
£
£
72,361
(314,558)
212,475
-
-
(51,830)
32,762
-
690,192
(641,558)
(8,913)
-
762,553
(1,007,946)
236,324
-
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
-		 Balance at
March 2023
£
233,461
43,224
195,210
471,895
Balance at
March 2022
£
263,183
62,292
155,489
480,964

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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

20 Analysis of net assets between funds

Unrestricted
funds
2023
£
Fund balances at 31 March 2023 are represented
by:
Tangible assets
655
Investments
6,650
Current assets/(liabilities)
175,421
182,726
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		 Restricted
funds
Endowment
funds
2023
2023
£
£
-
-
-
12,250,262
471,895
400,116
471,895
12,650,378
Restricted
funds
Endowment
funds
2022
2022
£
£
-
-
-
12,830,934
480,964
235,971
480,964
13,066,905		 Total
2023
£
655
12,256,912
1,047,432
13,304,999
Total
2022
£
2,080
12,837,584
887,127
13,726,791

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		 2023
£
25,807
53,287
79,094		 2022
£
28,315
2,360
30,675

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: 5A9B0B85-9008-4D0A-8BAE-A8C1AD3F168C

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

22 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 157,774 150,673

Transactions with related parties

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

During the year grants totalling £26,740 were made to Ufton Court Educational Trust, Ethical Reading CIC and Youthline, where trustees included a BCF trustee. During 2022 grants totalling £5,000 were made to Ufton Court Educational Trust, where trustees included a BCF trustee .

Donations were received by the Foundation from Blandy & Blandy LLP and Panasonic totalling £11,550, where the trustees / directors included a BCF Trustee. During 2022 donations were received by the Foundation from Blandy & Blandy LLP and Panasonic totalling £11,350, where the trustees / directors included a BCF Trustee

23
Cash generated from operations
(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Cash (absorbed by)/generated from operations		 2023
2022
£
£
(421,792)
1,241,756
(391,967)
(383,900)
580,672
(1,055,872)
1,425
1,425
(63,552)
9,589
(156,327)
355,295
(451,541)
168,293		 2023
2022
£
£
(421,792)
1,241,756
(391,967)
(383,900)
580,672
(1,055,872)
1,425
1,425
(63,552)
9,589
(156,327)
355,295
(451,541)
168,293
168,293

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