Charlty number: 1015089. BUSKAID UNAUDITED: TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1l4+,'.L Ill"I,:, BUSKAID CONTENTS Page Reference and Admlnlstratlve Detalls of the Charlty, Its Trustees and Advlsers Trustees, Report Independent Examlner's Report Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnanclal Statements 10-20
BUSKAID REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Alan Moses, Chair (resigned 2 October 2024) Mr Paul Boucher, Treasurer Mrs Clico Kingsbury, Trustee (resigned 5 January 2025) Ms Rosemary Nalden, MBE, Trustee Ms Henrietta Wayne, Trustee Nicholas Wilks, Trustee (resigned 2 October 2024) Charity reglstered number 1015089 Principal office. 10 Dryden CourtG*#: . Parkleys Richmond TW10 5LJ ' Admlnlstratlve Officer Dr Mary-Jannet Leith,,; Independent Examiner Miss Barbara Roberts FCA 3 Kirkleas Road Surbiton Surrey KT6 6QJ Bankers Arbuthnot Latham & Co. Ltd Arbuthnot House 20 Ropemaker Street London EC2Y 9AR Metro Bank 137 Chiswick High Road Chiswick, London W4 2ED Accountants GMBC LLP Marine House 151 Western Road Haywards Heath West Sussex RH16 3LH Page 1
BUSKAID TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of Buskaid for the period 1 January 2024 to 31 December 2024. Objectlves and actlvltles a. Pollcles and objectlves The objectives of the Charity are to advance the education of the public by promoting the performance and. .appreciation of European classical music (symphonic, choral and chamber) and African traditional music, particularly in the townships of South Africa, by residents of such townships. In addition, to seek world-wide public appreciation of such performances, and generally to promote classical musical and instrumental training together with the training and development of craftsmen to repair and maintain classical musical instruments of residents of such townships: and to promote like activities in other impoverished regions of the world. The Charity's primary focus is raising funds to support the Music School in Soweto through Buskaid SA, and Buskaid SA students pursuing tertiary study in the UK. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Achievements and performance a. Review of activities During 2024, the Buskaid Music School continued to thrive. Regular teaching continued, and the Buskaid ensemble performed at a variety of concerts, including in the local community of Diepkloof, Soweto. Buskaid UK continued to support the music school's activities. In 2024, Buskaid UK made a grant to Buskaid South Africa (£4,273) to sponsor a workshop in the bush (2023: no grant). £8,591 (2023: £2,535) was spent by Buskaid UK on musical instruments, musical accessories and musical equipment, for use by BSA. Buskaid UK received no donated musical instruments, music. or accessories during 2024 (2023: £65). Donated musical instruments and accessories make a significant contribution towards ensuring that every child gets an opportunity to play on a suitable instrument, as the school currently has over 100 students. Once received, these instruments and accessories are donated and shipped by Buskaid UK to Buskaid SA for the sole use and benefit of the pupils of Buskaid SA. There was no expenditure in 2024 (2023: £564) on shipping both purchased and donated instruments and accessories to the Buskaid Music School in South Africa. Ordinarily, instruments, music and equipment are packed and shipped by Grahams Hi Fi in North London, which donates the time and expertise of its employees as a generous in kind sponsorship. There were no Buskaid students studying at higher education establishments in the UK during 2024. However, one Buskaid student (violinist Tshidiso Boikanyo) benefitted from several lessons with violin teacher Paul Barritt in the UK via video conferencing software. Expenditure on tuition during 2024 totalled £320 (2023: £1 ,973). Substantial grants and donations for general funds In 2024 were received from: the estate of the late Edward Anthony Edward Wise Cooper (£270,000); Tristan Jakob Hoff & Amy Walker (£1,200); Richard Buccleuch (£1,000); and Nancy Elan (£500). Overall, Income from donations and legacies combined increased from £19,918 (2023) to £277,301. Buskaid's activities, publicised through newsletters and on the charity's social media plattorms, continue to solicit international donations, which are processed via the Buskaid website, through the Give a Little plattorm. The income from the sale of CDS is received on behalf of Buskaid South Africa, and is transferred regularly. CDS and DVDS are now sold in physical copy by a Buskaid UK volunteer, and in physical copy and electronic form by Page 2
BUSKAID TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and performance (continued) Buskaid South Africa. Buskaid UK'S network of volunteers who promote Buskaid nationally make a considerable contribution to its profile, increasing awareness of the valuable work being done to help young people in Soweto achieve their potential. Buskaid is grateful to all its volunteers and supporters who continue to promote Buskaid's work. b. Investment policy During 2024 funds held in the UK continued to be held in current and deposit accounts so they could be accessed at short notice. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. b. Reserves policy The majority of the reserves shown in the balance sheet are represented by cash. c. Financlal Review Gross income for 2024 was £277,301, an increase from £19,918 in 2023, to the receipt of a significant legacy in 2024. Gross expenditure increased slightly to £14,098 in 2024 (2023: £9,566). Support costs (primarily administration costs) were £4,379, a slight increase from £3,787 in 2023. Page 3
BUSKAID TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governa.nce and management a. Constltution Buskaid is a registered Charit'y number 1015089, and is constituted under a Trust Deed dated 7 October 1992. b. Methods of appolntment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. When vacancies arise on the Board of Trustees, potential new trustees with the requisite skills are sought from amongst individuals, groups and organisations who are known to be sympathetic to, and have an interest in, the Charity's work. Potential candidates are briefed about the Charity by the Chair of Trustees and invited to attend a Trustees meeting to meet the other Trustees. The potential candidate is then invited to become a Trustee if a majority of Trustees vote in favour of his/her appointment. New Trustees may be elected and co-opted at any time provided the number of Trustees at that point in time does not exceed seven. c. Organisational structure and declsion-making pollcles The Charity holds Trustees meetings at least three times a year, and more frequently if the need arises. There are no employees - the administration, which amounts to about 7 hours a week, is contracted out to a freelance administrator, and other tasks such as CD sales and the collection of donated instruments are undertaken by volunteers. Direct contact with the public is also undertaken by a network of volunteers supported as needed by the Administrator and Trustees. It is the volunteers, together with the Trustees, who actively promote the Charity and its work through fundraising efforts around the UK. d. Policles adopted for the Induction and tralning of Trustees Induction of new Trustees is the responsibility of the Chair of Trustees and the Administrator. This covers awareness of a Trustee's responsibilities, a copy of the governing document, a summary of administrative procedures, and the history and purposes of the Charity. A new Trustee is also given a copy of the previous year's Annual Report and Accounts, the most recent Annual Review, minutes of recent Trustees, meetings, along with a copy of the Charity Commission leaflet "The Essential Trustee - What you Need to Know". Page 4
BUSKAID TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management (contlnued) e. Related party relatlonshlps and cooperatlon wlth other charltles Buskaid had no related parties as defined by FRS 102. Buskaid discharges its charitable role by supporting The Buskaid Trust" in South Africa. The Buskaid Trust is a separate South African charity based in Soweto which supports and runs a Music School and the Buskaid Soweto String Ensemble. As both the South African charity and the Charity in the UK are known as Buskaid, to avoid confusion the UK charity is referred to as Buskaid UK and the South African charity as Buskaid SA throughout the Trustees, report. Buskaid charitable trusts also exist in the USA (Buskaid USA). These three charities do not form a corporate group. f. Flnancial rlsk management As a body, the Trustees regularly monitor the major risks to which the charity is exposed and systems have been put in place to mitigate those risks. In addition, each Trustee has taken responsibility for overseeing areas of risk in which he/she has particular expertise. Specific areas and action taken are identified below: Trustee succession planning Steps to mitigate against the possible loss of any key member of the team Clear structure of financial controls and generation of regular reports Awareness of external risks such as political risk The development of a coherent fundraising strategy Good communication and clarity in the division of responsibilities between Buskaid UK and Buskaid SA Plans for future periods UK fundraising for 2025 will continue to build on the increased public awareness of Buskaid, and aim both to maintain support4fom existing donors, and to attract new supporters to Buskaid. Buskaid UK hopes to raise suff icient funds in 2025 to: Continue to contribute towards teachers, salaries and running costs at the Music School in South Africa. Continue to contribute towards the fund for the extension oS,the Buskatd Music Sch901 in South Africa. Page 5
BUSKAID TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees, responslbllltles 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charivs transactions and 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. Approved by order of the members of the board of Trustees on I g . 1 O . Z g their behalf by: and signed on Mr Paul Boucher (Trustee) Page 6
BUSKAID INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examlner's Report to the Trustees of Buskald ('the Charlty,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024. Responslbllitles and Basls of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a Fellow of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies. Your attention is drawn to the fact that the Charity has prepared the accounts 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) 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 been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 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. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charitls Trustees as a body, for my work or for this report. Signed: £ ._ Mlss Barbara Roberts FCA 3 Kirkleas Road Surbiton Surrey KT6 6QJ Dated: Is. 10.*VLS Page 7
BUSKAID STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies 575 .276,726 2T7,301 19,918 19,918 Total Income 575 276,726 277,301 Expenditure on: Raising funds Charitable activities 269 13,328 269 13,828 500 9,565 Total expenditure 500 13,597 14,097 9,565 Net income Transfers between funds 75 263,129 (1) 263,204 (1) 10,353 13 Net movement in funds 75 263,128 263,203 10,352 Reconciliation of funds: Total funds brought forward Net movement in funds 9,753 75 21,190 263,128 30,943 263,203 20,591 10,352 Total funds carried forward 9,828; 284,318 294,146 30,943 he Statement of Financial Activities includes all gains and losses recognised in the ear. The notes on pages 10 to 20 form part of these financial statements. Page 8
BUSKAID BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 10 728 294,546 5,416 26,127 295,274 31,543 Creditors: amounts falling due within one year 11 (600) (1,129) .294,145 30,943 Net current assets Total assets less current liabilities 294,145 30,943 294,145 30,943 Total net assets Charity funds Restricted funds Unrestricted funds 13 13 9,828 284,317 9, 753 21, 190 Total funds 294,145 .30,943 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Mr F>aul Boucher (Trustee) Date: iy. 10 The notes on pages 10 to 20 form part of these financial statements. Page 9
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Informatlon Buskaid is a Charity registered in England and Wales, number 1015089. The principal address is 10 Dryden Court, Parkleys, Richmond, TW10 5LJ. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 . The financial statements have been prepared to give a 'true and fair, view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Buskaid meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable.. Evidence of entitlement to a legacy exists when the Charity hasAufficient evidence4haL a gift has'kSeen left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 10
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (contlnued) 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activiites. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page11
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (contlnued) 2.7 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.8 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 12
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 500 1,000 500 1,000 Nancy Elan Richard Buccleuch Clico Kingsbury Tristan Jakob-Hoff & Amy Walker Roger & Rosemary Chadder Paul Boucher Jane Barker Maya Homburger Celia Harper . Lavender Buckland Legacles The Estate of the late Anthony Edward Wise Cooper 2,000 1,200 1,000 500 8,000 687 1,000 1,200 1,200 450 450 270,000 270,000 273,150 15,387 Subtotal detalled disclosure Total Smaller Donations Grants 450 272,700 125 4,026 4,151 4,481 50 575 276,726 277,301 19,918 Total 2024 403 19,515 19,918 Total 2023 Investment income Page 13
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on ralslng funds Costs of ralslng voluntary Income Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 269 269 Costs of raising voluntary income Page 14
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expenditure on charitable actlvities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Promoting performance and appreciation of music in the townships of South Africa 500 13,328 13,828 9,565 9,565 Total 2023 348 9,217 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds . 2024 Total funds 2023 Promoting performance and appreciation of music in the townships of South Africa 9,450 4,379 13,829 9,565 Total 2023 '5,778 3,787 9,565 Analysis of direct costs Total funds 2024 Total funds 2023 Activities 2024 Shipment cost of items to Buskaid SA Music teachers, fees Music exam fees Grants of equipment and music to Buskaid SA 564 1,973 706 2,535 320 539 8,591 320 539 8,591 Total 2024 9,450 9,450 5, 778 Total 2023 5, 778 5, 778 Page 15
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expendlture by actlvltles (contlnued) Analysls of dlrect costs (contlnued) Analysls of support costs Total funds 2024 Total funds 2023 Actlvltles 2024 Administrator fees Other support costs Bookkeeping Accountancy Fundraising platform fees Bank charges Trustee meetings administration Travel cost 1,500 632 930 600 380 1,500 632 930 600 380 1,680 181 750 600 479 50 240 97 240 97 47 Total 2024 4,379 4,379 3,787 Total 2023 3,787 3,787 Independent examiner's remuneration The independent examination was provided pro bono. The value of this cannot be reliably measured. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 December 2024, expenses totalling £96.25 were reimbursed or paid directly to Trustee for travel expenses. (2023 - £NIL). Page 16
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Debtors 2024 2023 Due withln one year Other debtors Prepayments and accrued Income Gift Aid tax recoverable 3,713 240 1,463 728 728 5,416 11. Creditors: Amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 529 600 600 1,129 600 12. Financial instruments 2024 2023 Financial assets Financial assets measured at amortised cost 294,546 26,127 2024 2023 Financial liabilities Financial liabilities measured at amortised cost (1,129) (600) Financial assets measured at amortised costs comprise cash at bank and in hand and other debtors. Financial liabilities measured at amortised cost comprise other creditors and accruals. Page 17
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Statement of funds Statement of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Transfers In/out Income Expendlture Unrestricted funds General Funds - all funds 21,190 276,726 (13,598) (1) 284,317 Restricted funds Instrument fund The Buskaid Music School extension 127 575 (500) 202 9,626 9,626 9,753 575 (500) 9,828 Total of funds 30,943 277,301 (14,098) (1) 294,145 Aim and use of restricted funds: The instrument fund was set up in a prior year and the funds are to contribute to the cost of violins and violin accessories for the Buskaid Music School. The Buskaid Music School extension fund was set up in a prior year to fund the future extension of the Buskaid Music School building in Diepkloof, Soweto. Page 18
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Statement of funds (continued) Statement of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Transfers in/oul Income Expenditure Unrestricted funds General Funds - all funds 21,190 10,893 19,516 (9,218) Restrlcted funds Instrument fund The Buskaid Music School extension 72 403 (348) 127 9,626 9,626 9,698 403 (348) 9, 753 Total of funds 20,591 19,919 (9,566) 30,943 Page 19
BUSKAID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Analysls of net assets between funds Analysls of net assets between funds - current perlod Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Current assets Creditors due within one year 9,828 285,446 (1,129) 295,274 (1,129) Total 9,828 284,317 294,145 Analysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 Totaj funds 2023 Current assets Creditors due within one year 9, 753 21,790 (600) 31,543 (600) 9, 753 21,190 30,943 Total -Page 20