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2024-03-31-accounts

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

Charity Registration No. 1155173

CIO No. CE001570

BERKSHIRE COMMUNITY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees S Howard
J Elliott
S Roberts
D Browne
M Haines MVO
S Taylor DL
N Burrows
Dr R Arora (Appointed 1 November 2023)
L Beard JP DL (Appointed 1 November 2023)
P Norris (Appointed 1 November 2023)
Chair S Howard
Chief Executives G Lejeune OBE DL
J Yates
Chair of Sub-Commitees N Burrows - Finance and Investment Committ
M Haines MVO - Grants Committee
L Beard JP DL - Philanthropy Committee
P Norris - Governance Committee
Charity number 1155173
CIO number CE001570
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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

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 Swiss Life Asset Managers UK Limited 55 Wells Street London W1T 3PT

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

CONTENTS

Page
Trustees' report 1 - 12
Independent auditor's report 13 - 15
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Notes to the financial statements 19 - 33

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I 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 IFRS 1021 (effective l January 20191" Introduction & Key Achievements Berkshire Community Foundation IBCFI is delighted to report on another successful year in which we have granted £1.02 million to 184 organisations in 267 grants. This represents the seventh consecutive year in which we have distributed over £lm in grants to voluntary groups and charities in Berkshire. We also passed a significant milestone in the year passing £20m in grants distributed since we were established in 1985. Our strategic aim of growing philanthropy in Berkshire saw us deliver another successful year of fundraising at £l.Om in a period of continuing economic uncertainty. We organised our Charity Symposium in October 2023 which was attended by 80 Berkshire organisations. Feedback was very positive and the individuals representing the O￿anIsatIOnS greatly value the information shared and the opportunity the event presents to meet others from the sector. In March 2024 we held our Annual Showcase and High Sheriff of Berkshire's Awards at Monkey Island Estate in Bray, recognising the work of individuals and organisations from across the county and combatting a variety of needs. Public Benefit and Purpose of BCF The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing BCF'S aims and objectives, planning future activities and setting the grant-making policy for the year. The purpose of BCF 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.

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and Activities Our vision A strong generous community in Berkshire where local giving is the norm,. erbsuring 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 addressinE 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 Plan12024-20271 objectives are.. Community Impact - to provide effective grant making and support to the voluntary sector to strengthen the community where local people live, work and play.. to deliver effective grants across a range of programmes to measure and report on the impact of our grant making to develop strategic community involvement Growing Philanthropy- to advise and support businesses, trusts and individuals to achieve their Corporate Social Responsibility ICSRI/Environmental, Social and Corporate Governance IESGI and philanthropic goals.. build endowment to create sustainable fundinE secure immediate impact funding to meet identified need deliver outstanding service to donors to increase their engagement Leadership in thought and action to develop our local knowledge, lead and influence people that matter on issues that affect our community= undertake research into local needs periodically engage with local leadership networks and maintain visibility and influence of BCF more broadly through well tarEeted communications consult and inform the voluntary sector via targeted platforms Being Fit to Succeed to maintain a Board and Team with the diversity and skills to facilitate impactful grant making and philanthropy growth.. secure the financial sustainability BCF organisational processes focused on strategy and operational efficiency ensure the organisation contains the necessary skills, identify gaps and train/recruit accordingly Our Values Influential Approachable Knowledgeable Warm & Friendly Tenacious Articulate

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 Adobe, 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 and The Pargiter Trust to support the needs of older people. Our grant making in the year saw £1,024,697 awarded12023= £1,007,9461- The number of groups supported during this financial year was 18411731. People supported though BCF Grants Awarded by Local Authorlty Area 2023124 24,479 34,056 P••pknwppM•d 33,188 5,416 30,319 support•d

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Top 5 Issues Addressed: 1. Poverty and disadvantage 2. Health, wellbeing and serious illness 3. Mental Health 4. Disability and acces5 1S5ues 5. Supporting family life Top 5 Beneficiary Groups: 1. Children and Young People 2. People with multiple disabilities 3. People living in poverty 4. Familie51Parent5lLone Parents 5. People with mental health issues. 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. 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 £954,93412023.' £1,219,615) in a period of continuing economic uncertainty. This income provided significant 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 the contribution to BCF Essential resources. It is therefore not entirely comparable with the SOFA headline fi8ures. The pie chart below Shows the type of donation income gross of the contribution to BCF Essential resources. It is therefore no entirely comparable with the SOFA headline figures Type of Donation 2023124 £21,399 Endowment Immediate Impact Essential Resources £841.795 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 Adobe, Ascot Racecourse, Mars Wrigley, Stoke Park, Honda, Reckitt and Wellington College and others delivered significant immediate impact resources to voluntary groups and charities throughout the year. We maintained our corporate partnerships with Redwood Technologies, Boehringer Ingelheim, Hall Hunter and all the members of our Business Philanthropy Club. We also worked with 3M to develop a Carbon Footprint Reduction Work Plan and Resource Book to share with voluntary and community Eroups and charities.

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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. Type of Donor 2023124 ,312 Private incl. Legacv Trust £299, £338,97 Corporate Statutorv £258,22 The Business Philanthropy Club came together at Windsor Guildhall where they were addressed by Lt Gen Philip Jones CB CBE DL, Constable and Governor of Windsor Castle. Volunteering, which is offered as part of the Business Philanthropy Club membership, was arranged for Reckitt, Ancoris and Ascot Racecourse. Professional Advisor events were held at Cliveden House Hotel and Coworth Park Hotel where BCF presented our offer to solicitors, accountants and wealth managers. Leadershlp in thought and actlon 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 14, 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 King'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 content promoting the needs of communities in Berkshire and BCF'S ability to deliver the philanthropic aims of donors to meet those needs.

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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, diverslty 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 BCF'S webslte 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 Governance Committee has been re-established to oversee BCF'S Risk Register, review processes and policies and to manage our submission to UK Community Foundation's Quality Accreditation exercise in 2024125. Legal and administrative details Grant making policy BCF has established its Brant-making policy to achieve its objects for the public benefit. The grant-making poliry is reviewed annually to ensure that it reflects BCF'S objects and advances public benefit. BCF'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 a variety of issues. BCF 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 webslte. 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 BCF continues to seek to build its own grant-making capacity in its Capital Fund. Volunteers Volunteers are crucial for BCF, 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 events management, fund development, research, grant making, marketing, IT, governance and administration.

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Independent quality accreditation BCF is an accredited member of UK Community Foundations IUKCFI, although that organisation has no power to direct the policies adopted by the Trustees. BCF is supportive of UKCF and BCF'S procedures remain accredited by UKCF'S Quality Accreditation scheme. As a result of the Quality Assurance 5 IQA51 completed in September 2021 the Foundation received an overall pass with several exemplars of activity that have been shared with the UKCF network. QA6 will take place in 2024125. Fundraising BCF is registered with The Fundraising Regulator which is the independent regulator of charitable fundraising, and with The Information Commission. BCF will continue to meet the requirements of the Charity Commission, Fundraising Regulator and Information Commissioners Office. Income generation activity is carried out BCF 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 BCF 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 £1,366,49712023'. £1,611,582). After total expenditure, comprising grants made and operating costs, of £1,477,89412023: £1,452,702) BCF's net assets, before investment losses/gains, decreased over the year by £111,39712023= increase by £158,8801. A recovery in conditions in global investment markets resulted in a year-end unrealised gain on capital of £1,051,16112023'. Loss £580,672). Essential resources This fund covers all of BCF'S day-to-day income and operating costs which are controlled and monitored closely. Income for essential resources was £196,74812023.. £215,404) while expenditure of £453,19712023= £444,756) represented a continued focus on operational efficiency. Of the £225,377 transfer in funds to fund our operating costs, £188,617 was from the agreed 1.5% on management of the Endowment, and £36,760 was from agreed transfers from existing restricted funds where donors had agreed to fund events or specific expenditure. BCF 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 Funds 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 BCF 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 £1,024,69712023- £1,007,946) in the year.

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Endowment- capital endowment funds The Permanent Funds (which include The Slough Social Fund and The Community First Fundl and Expendable Endowment Funds constitute the capital BCF. 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 £1,051,16112023'. Loss £580,672) in the market value of its investments and following additional donations of £19,59912023.. £248,005) BCF'S Capital Endowment Funds stood at £13,692,96412023.' £12,650,378). Investment policy and performance The Finance and Investment Committee IF&II makes recommendations to the Trustee Board as to BCF'S financial and investment strategy, and in addition is charged with monitoring and regularly reporting to the Board on the performance of BCF'S investments. The majority of BCF'S assets comprise investments listed on recognised Stock Exchanges and are professionally managed. The F&1 committee annually review BCF'S Investment Policy and any recommendations subsequently require the approval of the Trustee Board. BCF'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 BCF'S capital in real terms" BCF 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 BCF'S investments are managed by CCLA and invested in COIF funds in a mixture of cash, equities and fixed income holdings- at 31, March 2024 the value was £13,011,526. Property assets of £459,241 which represent 3.4% of the Foundation's investment portfolio, are managed by Swiss Life Asset Managers UK Limited. Going concern review The Trustees have considered a detailed assessment of BCF'S financial forecasts to March 2025. 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 8CF's ability to continue as a going concern. Reserves policy The Statement of Financial Activities shows the movement in the year of BCF'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 BCF 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 2024 £151,65412023'. £182,726) 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.

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance, and management BCF 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 l April 2014 it transferred its entire undertaking into a charitable incorporated organisation ICIOI of the same name. The CIO has a Charity Registration rbumber 1155173. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with BCF'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 BCF'S supporters across the County. No outside body or person has the right to appoint a Trustee. In accordance with BCF'S Trust Deed, the Board can comprise a maximum of 20 Trustees and a minimum of S. The current number is 10. The Trustee Board is supported by four 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 BCF and discussioris with the staff and the officers of BCF. The Trustee board normally meets four times a year in addition to the AGM and makes all significant decisions. The Trustees have reviewed all major risks and have implemented systems to deal with the threats identified. A Finance and Investment Committee normally meets four times a year and is responsible for developing financial policies and procedures, reviewing the financial affairs of BCF, making recommendations on matters including the annual budget to the Trustee Board. 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 BCF. 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 BCF'S grants. A Governance Committee normally meets four times a year and oversees BCF'S Risk Register, reviews processes and policies and leads on our submission to UK Community Foundation's Quality Accreditation exercises. 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 by the re-established Governance Committee.

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for Future Periods The Strategic Plan has been reviewed in 2024. 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 J Potter S Howard IResigned l November 20231 S Roberts D Browne C Horwood A Barfield M Haines MVO D Allcock Tyler S Taylor DL N Burrows Dr R Arora L Beard JP DL P Norris IResiEned l November 20231 IResigned l November 20231 IResigned l November 20231 IAppointed l November 20231 IAppointed l November 20231 IAppointed l November 20231 Chairs of Sub-committees Finance and Investment Governance Committee Grants Committee Philanthropy Committee N Burrows P Norris M Haines MVO L BeardJP DL Chief Executives G Lejeune OBE DL J Yates Principal Office 100 Longwater Avenue, Reading, Berkshire, RG2 6GP Charity Number 1155173 Auditors Fiander Tovell Limited, Stag Gates House, 63164 The Avenue, Southampton S017 IXS Bankers Handelsbanken, Forbury Road, Apex Plaza, Reading, Berkshire RGI IAX HSBC UK, Hamilton CCC, Hamilton Int'l Technology Park, High Blantyre. G72 OFD 10

Docusign EnvelopÈ ID." A62A2FFC45254D4E-AB3D-B021944CSgD5 BERKSHIRE COMMUNITY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Solicitors Blandy & Blandy, One Friar Street, Reading, Berkshire RGI IDA Investment Managers CCLA Investment Management Ltd, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Swiss Life Asset Managers UK Limited, 55 Wells Street, London, WIT 3PT Key management personnel remuneration The Trustees consider the Trustee Board and the Chief Executives as comprising the key management personnel of BCF. 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 BCF'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 BCF and these risks are reviewed at Governance Committee meetings and Board meetings. Appropriate actions have been put in place to mitigate the identified risks. Other Neither BCF nor its Trustees act as a Custodian trustee on behalf of others. Tax status BCF 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 BCF'S principal office and its professional advisers are set out on pages 13-14. 11

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 and 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 year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient 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 Charity (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.

Auditor

In accordance with the company's articles, a resolution proposing that Fiander Tovell Limited be reappointed as auditor of the company will be put at a General Meeting.

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.

The Trustees' report was approved by the Board of Trustees.

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

S Howard

Chairman 11/11/2024 | 09:11 GMT Dated: .........................

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

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 2024 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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

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

15/11/2024 | 17:00 GMT

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

Chartered Accountants Statutory Auditor

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

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
2024
Notes
£
Income from:
Donations and legacies
3
177,025
Investments
4
19,723
Total income and endowments
196,748
Expenditure on:
Raising funds
5
307,408
Charitable activities
6
145,789
Total expenditure
453,197
Net gains/(losses) on investments
11
-
Net (outgoing)/incoming resources before
transfers
(256,449)
Gross transfers between funds
225,377
Net movement in funds
(31,072)
Fund balances at 1 April 2023
182,726
Fund balances at 31 March 2024
151,654		 Restricted Endowment
funds
funds
2024
2024
£
£
758,310
19,599
-
391,840
758,310
411,439
-
-
1,024,697
-
1,024,697
-
-
1,051,161
(266,387)
1,462,600
194,637
(420,014)
(71,750)
1,042,586
471,895
12,650,378
400,145
13,692,964		 Total
2024
£
954,934
411,563
1,366,497
307,408
1,170,486
1,477,894
1,051,161
939,764
-
939,764
13,304,999
14,244,763		 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

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

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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 12 - 655
Investments 13 13,525,920 12,256,912
13,525,920 12,257,567
Current assets
Debtors 15 116,411 162,728
Cash at bank and in hand 867,053 1,152,021
983,464 1,314,749
Creditors: amounts falling due within
one year 16 (264,621) (267,317)
Net current assets 718,843 1,047,432
Total assets less current liabilities 14,244,763 13,304,999
Capital funds
Endowment funds-general
Permanent endowment 8,472,770 7,798,639
Expendable endowment 5,220,194 4,851,739
18 13,692,964 12,650,378
Income funds
Restricted funds 19 400,145 471,895
Unrestricted funds 151,654 182,726
14,244,763 13,304,999
11/11/2024 09:11 GMT
The financial statements were approved by the Trustees on .........................
.............................. ..............................
S Howard J Elliott
Trustee Trustee

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
24
Investing activities
Purchase of investments
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(478,684)
(217,847)
411,563
193,716
-
(284,968)
1,152,021
867,053		 2023
£
£
(451,541)
-
391,967
391,967
-
(59,574)
1,211,595
1,152,021

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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
2024
2024
2024
£
£
£
Donations and gifts
168,532
-
-
Grants and donations for redistribution
-
740,010
-
Membership fees
8,493
18,300
9,150
Endowment funds received
-
-
10,449
177,025
758,310
19,599
For the year ended 31 March 2023
209,057
762,553
248,005		 Unrestricted
Restricted Endowment
funds
funds
funds
general
2024
2024
2024
£
£
£
Donations and gifts
168,532
-
-
Grants and donations for redistribution
-
740,010
-
Membership fees
8,493
18,300
9,150
Endowment funds received
-
-
10,449
177,025
758,310
19,599
For the year ended 31 March 2023
209,057
762,553
248,005		 Unrestricted
Restricted Endowment
funds
funds
funds
general
2024
2024
2024
£
£
£
Donations and gifts
168,532
-
-
Grants and donations for redistribution
-
740,010
-
Membership fees
8,493
18,300
9,150
Endowment funds received
-
-
10,449
177,025
758,310
19,599
For the year ended 31 March 2023
209,057
762,553
248,005		 Unrestricted
Restricted Endowment
funds
funds
funds
general
2024
2024
2024
£
£
£
Donations and gifts
168,532
-
-
Grants and donations for redistribution
-
740,010
-
Membership fees
8,493
18,300
9,150
Endowment funds received
-
-
10,449
177,025
758,310
19,599
For the year ended 31 March 2023
209,057
762,553
248,005		 Total
2024
£
168,532
740,010
35,943
10,449
954,934		 Total
2023
£
207,707
743,178
30,413
238,317
1,219,615
1,219,615
Investments
Unrestricted
Restricted Endowment
funds
funds
funds
general
2024
2024
2024
£
£
£
Income from listed investments
-
-
391,840
Interest receivable
19,723
-
-
19,723
-
391,840
For the year ended 31 March 2023
6,347
-
385,620		 Total
2024
£
391,840
19,723
411,563		 Total
2023
£
385,620
6,347
391,967
391,967

4 Investments

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5 Raising funds

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Governance costs 89,956 77,311
Office and other expenses 38,668 39,716
Fundraising and promotion 12,860 24,371
Professional services 5,126 3,579
Other fundraising costs 17,307 20,486
Staff costs 142,836 137,764
Depreciation and impairment 655 1,425
307,408 304,652

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

6 Expenditure on charitable activities

Direct costs
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		 2024
£
124,908
11,807
6,076
148
-
2,850
145,789
1,024,697
1,170,486
145,789
1,024,697
1,170,486		 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

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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
Victims Of Crime/ Violence/ Abuse		 2024
£
10,000
17,100
6,800
22,037
10,065
94,802
55,229
-
73,770
2,000
2,500
14,250
5,000
166,370
27,400
5,000
120,672
-
184,243
30,600
-
44,713
13,592
33,389
10,500
74,665
-
1,024,697		 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

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

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

ABC to read
Aik Saath - Together As One
Beat Routes
Berkshire Women's Aid
Berkshire Youth
Britwell Youth & Community Project
Browns Community Services CIC
First Days
Food4Children
Free Legal Advice Group for Domestic Violence (FLAG DV)
Home-Start Berkshire East
Home-Start Woking District
Learning to Work (South East) Ltd
Oxfordshire Mind
Parents And Children Together
Reading Gateway Church
Sandhurst Counselling Services
Slough Homeless Our Care
Slough Refugee Support
Sport in Mind
Stepping Stones DS
Swings & Smiles (Pheonix) Ltd
Thames Hospice
The Cowshed
The Dash Charity
The Link Foundation
The Mustard Tree Foundation
The Woodland Centre Trust (Camp Mohawk)
Windsor and Maidenhead Youth Counselling Service (Number 22)
Yeldall Manor
Youthline Ltd
Other non-material grants made to institutions		 2024
£
5,000
10,300
7,500
10,000
15,000
10,000
-
10,000
17,500
15,000
10,000
27,095
10,000
3,000
14,979
10,000
10,300
10,000
12,875
14,000
10,000
10,000
12,701
20,000
22,750
21,000
7,000
12,500
63,840
10,500
19,500
592,357
1,024,697		 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

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

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs

Staff costs
Audit fees
Accountancy
Legal and professional
Analysed between
Fundraising		 Support
costs
Governance
costs
£
£
-
77,886
-
8,256
-
2,314
-
1,500
-
89,956
-
89,956		 2024
£
77,886
8,256
2,314
1,500
89,956
89,956		 2023
£
65,879
7,680
3,752
-
77,311
77,311

Governance costs includes payments to the auditors of £8,256 (2023 - £7,680) 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.

There were no expenses reimbursed to Trustees in either the current or prior year.

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
7
2024
£
297,364
25,349
22,917
345,630		 2023
Number
7
2023
£
280,960
24,648
19,441
325,049

The Full Time Equivalent number of employees was 6.01 (2023: 5.61).

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

10 Employees (Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows:
2024 2023
Number Number
£60,001 - £70,000 2 2
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024 2023
£ £
Aggregate compensation 163,468 157,774
11 Net gains/(losses) on investments
**Endowment ** Endowment
funds funds
general general
2024 2023
£ £
Revaluation of investments 1,051,161 (580,672)
12 Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 April 2023 4,275
At 31 March 2024 4,275
Depreciation and impairment
At 1 April 2023 3,620
Depreciation charged in the year 655
At 31 March 2024 4,275
Carrying amount
At 31 March 2024 -
At 31 March 2023 655

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Fixed asset investments

Permanent
Endowment
Expendable
Endowment
£
£
Cost or valuation
At 1 April 2023
7,788,289
4,468,623
Additions
-
217,847
Valuation changes
674,131
377,030
At 31 March 2024
8,462,420
5,063,500
Carrying amount
At 31 March 2024
8,462,420
5,063,500
At 31 March 2023
7,788,289
4,468,623		 Total
£
12,256,912
217,847
1,051,161
13,525,920
13,525,920
12,256,912

The investments are professionally managed, £13,011,526 of the investments are managed by CCLA , £459,241 are managed by Mayfair Capital and £55,153 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 3.4% 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
16
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
13,525,920
2024
£
116,411
2024
£
3,471
230,325
30,825
264,621		 2023
£
12,256,912
2023
£
162,728
2023
£
13,890
241,131
12,296
267,317

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

Included within the above is deferred income of £5,190 (2023 - £2,296). 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 £22,917 (2023 - £19,441).

At the balance sheet date £3,471 (2023 - £2,306) was payable in respect of these costs.

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 2023
£
7,798,639
4,851,739
12,650,378
Balance at
1 April 2022
£
8,154,930
4,911,975
13,066,905		 Incoming
resources
£
246,807
164,632
411,439
Incoming
resources
£
244,209
389,416
633,625		 Movement in funds
Resources
expended
Transfers
£
£
-
(246,807)
-
(173,207)
-
(420,014)
Movement in funds
Resources
expended
Transfers
£
£
-
(244,209)
-
(225,271)
-
(469,480)		 Gains and
losses
Balance at
31 March 2024
£
£
674,131
8,472,770
377,030
5,220,194
1,051,161
13,692,964
Gains and
losses
Balance at
31 March 2023
£
£
(356,291)
7,798,639
(224,381)
4,851,739
(580,672) 12,650,378		 Gains and
losses
Balance at
31 March 2024
£
£
674,131
8,472,770
377,030
5,220,194
1,051,161
13,692,964
Gains and
losses
Balance at
31 March 2023
£
£
(356,291)
7,798,639
(224,381)
4,851,739
(580,672) 12,650,378
12,650,378

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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Balance at
1 April 2023
£
Linked Revenue
Funds (Endowment)
(34 Funds)
233,461
Community First
Revenue (17 Funds)
43,224
Flow through Funds
(25 Funds)
195,210
471,895
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		 Movement in funds
Incoming
resources
Resources
expended
Transfers
£
£
£
63,663
(255,160)
170,430
-
(45,692)
32,741
694,647
(723,845)
(8,534)
758,310
(1,024,697)
194,637
Movement in funds
Incoming
resources
Resources
expended
Transfers
£
£
£
72,361
(314,558)
212,475
-
(51,830)
32,762
690,192
(641,558)
(8,913)
762,553
(1,007,946)
236,324		 Gains and
losses
31
£
-
-
-
-
Gains and
losses
31
£
-
-
-
-		 Balance at
March 2024
£
212,394
30,273
157,478
400,145
Balance at
March 2023
£
233,461
43,224
195,210
471,895

Grants Fund (Restricted)

The purpose of all Grant Funds above 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 Grants Funds, 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: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April
2023
£
General funds
182,726
Previous year:
At 1 April
2022
£
General funds
178,922
Analysis of net assets between funds
Fund balances at 31 March 2024 are represented
by:
Investments
Current assets/(liabilities)
Fund balances at 31 March 2023 are represented
by:
Tangible assets
Investments
Current assets/(liabilities)		 Incoming
resources
Resources
expended
£
£
196,748
(453,197)
Incoming
resources
Resources
expended
£
£
215,404
(444,756)
Unrestricted
funds
Restricted
funds
2024
2024
£
£
6,650
-
145,004
400,145
151,654
400,145
Unrestricted
funds
Restricted
funds
2023
2023
£
£
655
-
6,650
-
175,421
471,895
182,726
471,895		 Incoming
resources
Resources
expended
£
£
196,748
(453,197)
Incoming
resources
Resources
expended
£
£
215,404
(444,756)
Unrestricted
funds
Restricted
funds
2024
2024
£
£
6,650
-
145,004
400,145
151,654
400,145
Unrestricted
funds
Restricted
funds
2023
2023
£
£
655
-
6,650
-
175,421
471,895
182,726
471,895		 Transfers
At 31 March
2024
£
£
225,377
151,654
Transfers
At 31 March
2023
£
£
233,156
182,726
Endowment
funds
Total
2024
2024
£
£
13,519,270
13,525,920
173,694
718,843
13,692,964
14,244,763
Endowment
funds
Total
2023
2023
£
£
-
655
12,250,262
12,256,912
400,116
1,047,432
12,650,378
13,304,999
400,145
Restricted
funds
2023
£
-
-
471,895
471,895

21 Analysis of net assets between funds

Docusign Envelope ID: A62A2FFC-4525-4D4E-AB3D-B021944C59D5

BERKSHIRE COMMUNITY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

22 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		 2024
£
25,578
27,710
53,288		 2023
£
25,807
53,287
79,094

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 £29,520 (2023: £28,315) relating to the rental agreement.

23 Related party transactions

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

During the year grants totalling £24,500 were made to Ufton Court Educational Trust and Youthline, where trustees included a BCF trustee. During 2023 grants totalling £26,740 were made to Ufton Court Educational Trust, Ethical Reading CIC and Youthline, where trustees included a BCF trustee.

During the year donations were received by the Blandy & Blandy LLP, Content Guru and David Brownlow Charitable Foundation totalling £9,920, where the trustees / directors included a BCF Trustee. During 2023 donations were received by the Foundation from Blandy & Blandy LLP and Panasonic totalling £11,550, where the trustees / directors included a BCF Trustee.

24
Cash generated from operations
2024
£
Surplus/(deficit) for the year
939,764
Adjustments for:
Investment income recognised in statement of financial activities
(411,563)
Fair value gains and losses on investments
(1,051,161)
Depreciation and impairment of tangible fixed assets
655
Movements in working capital:
Decrease/(increase) in debtors
46,317
(Decrease) in creditors
(2,696)
Cash absorbed by operations
(478,684)		 2023
£
(421,792)
(391,967)
580,672
1,425
(63,552)
(156,327)
(451,541)

The Charity had no material debt during the year.