REG]ERED COMPANY NL'MBER= 03289093 IEDgland and Wales) REGIERD CUARrry IYUMBER: 1064735 REPORT OF THE TRUSTEES AIYD UNAUDITKD FINANCIAL STATEMEiYrs FOR THE YEAR EI¥4DED 31 DECEMBER 2023 FOR THE INfERNATtONAL FOUNDATION FOR ARTS & CULTURE Mulberry & Co Chartered Certified Accountants Eastgate House DO]lld Way Farnham Surrey GU9 7UD
THE IKTERNATIONAL FOUNDATION FOR ARTS & CULTURE CONfENfS OF THE FINANCIAL STATEMEh']3 FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trnstees Independent EMIller,s Report Statement of Financial Activities Balance Sheet Notes to the Fimanci21 Ststements 7 to 10 Detailed SlatemeDt of Fin4Dcial Activities
THE INTERNATIONAL FOUNDATION FOR ARTS & CULTURE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees who also directors of charity for the purposes of the Companies Act 2006. present thetr rert with the financi81 statements of the charity for the year ended 31 December 2023. The trustees have athpted the Provisions of Accounting and RepK)rting by Charities: Siatement of Recommended Practice applicable to charities preparÈng their a¢Gounts in accordance with the Financial Reporting StalKI applicable in the UK and Republic of Ireland (FRS 102) (effecti l January 2019). Objectives and aims We review our aims, objectives and xrtivili ¢a¢h year. The review looks at whal we acbieved both in this chaTity and its sister charttie4 at internatioJMI leveL with common goals and the outcomes of our wk in the previous 12 months. The review looks at the suc¢ess ofeaGh key activity and the ben¢fits they have brought to those groups or individuals we are set up to help. The review also helps u5 ensure our aim, objectives and a1VItieS remained focused on our stated purposes. We have refeed to the guidance contained in the Charity Commission¥ general guidance on public benefit when reviewing our aim and objective5 and in plawiing our firture activities. In particular, the trustees consider how planned activities will contribute to the aims and objectiv¢5 they hav¢ set. As mentioned iJ] the Review paragraph below. this h&8 meant filrtding opportunitie5 ID the year. Public benefit Our main activities and who we ty to help are des¢ed below. All our charitable activities focus on the advancanenl of the educatton of the public in all fonns of arts and culture. This ntsy take any or all of the following forms: The promotion of global cultural excbange Supporting of the arts activities beyond the boundaries of nations languag and reJigion8 and Assistance in the training of artists and musicians. To aCh1C these goals, the Foundation periodically undertakes a variety of fimd rdistng wents and activities. In addition specific sponsorship is undertaken with regard to students in certain specialist college5. Page I
THE INTERNATIOh'AL FOUNDATION FOR ARTS & CULTURE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMEiYf AND PERFORMANCE Ch3ritsble aCtitIeS The Trustees continued to promote the aims of the charity in the year under review. projects being developed in the year through the main benefactor to the Charity, its sister charity IFAC Japan, in addition a contribution towards running c05ts was Teceived from this source. The charity acts in conjunction witb its sister clwities in Japan, Australia and Americ&: The Charity continued to provide support for the folloiving organisations: We115 Maltings Trust and its new arts rentre in Wells next the Se4 Norfo]L IFAC donated L30,000 as part of its £150,000 commitment over 5 years and now complete. The arts ccntre project seeks to develop cuhurdl and heritsge values ill North Norfolk Is M'ell as the wider conuDunity. The King's Foundation { fornlerly The Prince's Foundation) and its work in the fields of art and culture, including its School of Traditional Art4 in fidfilment of JFAC5 rommitiDent to donatc USS 250.0(Kl annually over ten years conmiencing in July 2020. The King's Foundation ( fornierly Tr Prince's F0uJyJ10n) for work undertaken within its Architecture and Heritage Departmert in fiJlfIlm¢nl of IFAC'S furtlJeT COmmittn¢nt to donate USS250,000 annually fi>T t¢n year5 commencing in August 2020. OwÉng to the interruptions from the Covid pandemic wrne of the Ènitiatives The King's Foundation { romlY The Prince's Foundation) became delayed and the funding received has been refle¢te41 as a ¢reditor - at the dat¢ of ihis Report all pledged support has been delivered by ihe tharity. FINANCIAL REVIEW Printfip21 funding sourtes The charitys principal fidIllg source is its sister charity Ac Japa based in Japa]L Reserves policy The IteeS have reviewed the reserves of the charity. This review encompassed the nature of th¢ income and expenditure strearn4 the need to match variable incorne ryyith fixed conjmitments and the nature of the Teserves. particularly the unrestricted fund. The benefactor was aware of the amounts left in restricted reserves and suitable application will be ma(k in due course of these fimds, so these have been moved to unrestricted reseThe The review concluded that to alk)w the charity to be manw efficiently and to provide a bvffer against intemipting ongoing commitments &$ well new charitable project4 a genera] reserve neeiLs to be rnaintained. As at 31 December 2023 the unrestricted reserve Wds £57.053 reflecting the present level of activity. The level of reserve will be revieiyed regularly to ensure sufficient funding from the principal benefactor. STRucfuRE, GOVERNANCE AND MAI¥AGEM£NT Governing document The chatity 15 controlled by its governing d(KumeDt, a deed of trust. and constttute5 a limit¢d covnpany> limited by guarantee, as defined by the Companies Act 2006. Risk mgn*gèment The trustees have a duty to identify and review the risks to which ihe charity is exposed and to ensute appropriate ontro15 are in place to provlde Teasonable as5Utance against fraud aThl ¢tror. REFERENCE AND ADMINISTRATIVE DETAIiS Registered Company Dumber 03289093 (England and Wales) Page 2
THE trsYERNATtONJ AL FOVIYDATION FOR ART.S &. REPOIIT O.F THE TRUSTEES FOR THF. YLAH E%Dtr.D 31 DCEIBER 2023 REFKRENCE AND ADlN[RATIIE DETAiLS Re%istered Compally number 03289093 (England and Wales) Reglstered Chartti. number 1064735 Registered oifJ¢e 69-71 East Strect Epson) Surey KT17 IBP Trustees Sir T P Lakle[ M Mtywki {Sled 191112024) B Scannell {appointiYl 191112024) N C Patel (appoÉDted 191112024) Companv Secretary N C Patel Independent Examiner mulbe & Co Chartered Certified Accounlanls Eastgatc Housc Dogllud Illay FaTTJhani Suffrey GU9 7UD This report has been wep8red in accordaT)cc ivith the special proviiions of Part 15 of the compani Act 20e6 lating to snMII LompaDie5. Approved by orderof the boaTd of trustees on.......... .... . and signcd its behalf by: Sir T" P Lankester- Tnjstee Page 3
INDEPENDENT EXAMINEifs REPORTTO THE TRUSTEES OF THE INTERNATIONAL FOUNDATION FORARTS & CULTURE Independent examlnerfs report to the trustees of The International Foundation For Arts & Culture ('the Compan1 I report to the charity trustees on my examination of the accounts of the Corrpany for the year ended 31 December 2023. Responsiblllties and basis of report As the charivs trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts n x¢Ordan with the requirements of the Compantes Act 2006 {'the 21J)6 Act'>. Having satisfied myself that the accounts of the Company a rot required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under seclion 145 of the Charities Act 2011 {'the 2011 ACV). In carrying out my examination I have followed the Directions given by the Charbty Commbssion under section 145(5) (b) of the 2011 Act. Ind&pendent examiner's statement Since your charity's gross income exceeded £250.000 your exwniner must be a nmber of a listed body. I can confirm that l am qualified to undertake the examination because l am a registered member of The Association of Chartered Certified AGcountants which is one of the listed tx)dies. I have completed my examination. I confirm that no matters have c(xne to my attention in conneclion wtth the examination giving me Gause to believe" accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records: or 3. the accounts do not ¢Orrp with the accounting requirements of section 396 of the 2006 Act 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.. or 4. the accounts have not been Prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (appluble to charities preparing their accounts in accordance wth Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)} I have no COnrnS and have come across no othei matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounls to be reached. Mark Mulberry BA (Hons) FCCA CTA Mulberry & Co Chartered Certified Accountants & Chartered Tax Advisors Eastgate House Dogflud Way Farnham Surrey. GU9 7UD Dale 12 August 2024
THE INTERNATIONAL FOUNDATION FOR ARTS & CIJLTURE STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 Total fllnds 31.12.22 Total UnreslTirted Restri¢ted INCOME AND ENDOWMEiYfs FROM Donations and legacies 20mO 202.166 222,166 432,262 EXPENDrruRE ON Charitable activities Governance costs Supporting of the cultural activities 2,084 (2829) 204595 (345) 204595 (31 J68) 466.650 Totsl 2A184 202,166 204350 435,282 NET INCOMEI(EXPENDITURE) 17916 17.916 (3.020) RECONCILIATION OF FUNDS Total funds brought forward 39,137 39,137 42,157 TOTAL FUNDS CARRIED FORWARD 57.1)53 57.053 39.137 The notes fonn part of these financial ststements Page 5
THE IKfERNATIONAL FOUNDATtONI FOR ARTS & CULTURE BALLWCE SHEET 31 DECEMBER 2023 31.1123 T•tAI funds 31.12.22 Total tullds Untestric*d Restrictcd Notes ctJRRENf ASSETS Debtots Cksh at bank 63.052 441,859 504,911 354.698 52 441059 504.911 354.698 CREDITORS AOUnts fallÉng thic wlthin 01 year {4419) (447J58) (115.561) 'ET CURREN'I. ASSETS 57,1153 57.053 39.137 TOTAL ASSETS Ss CURRENT LL4BILITIF.S 57.1153 7,053 39.137 NET ASSETS 57.1153 57,053 Unrestrtcted fi]nds 57.053 39.137 TOTAL FUNDS 57,053 39,137 The cbaritgblc conipany is entiiled io exernption from audit under Sedion 477 of thc Compallies Act 2006 for Ébc ycar cndcd 31 Dccctnkr 2023. Thc rncD]bu5 have not the con4)ally ID oblain an audit of ifs financial siatements for the year ended 31 December 2023 in accordance with Scction 476 of the CompaDtes Act 2006. The trustee5 acknoivledge theirspOnSIbl11ti for (#) ¢nsuTing thal the cban"lablc compdlly keeps accoiittting rLYOTds that conu)ly with Scctioi]5 386 and 387 of thc Companies Act 2006 aTRd preparing financial statcmcnis which give a tsue fair vi¢w of the slate of affaiT5 of the charÉtable cotnpany a5 at the end of each fjllancial year and of its sjrplus or dcficii for each financial year in aCCordl¢e wit]) the tequiTenients of Scclions 394 and 395 and ivhich otlienvise coniply ivith the t¢quirenwits of the Comp8nÉcs Act 2006 ielallTig lo financial statements. so far applicabl¢ to the clwitsble company. (b) ThEse f2nallcial slalemenls havc bccn prcparcd in accoydallce ivitb th¢ provisio 8pplicabl¢ kn cl)afAthble Lxxt)panies subject lo the sinall companics i'e¥ime. The fioaDcial M8tmct)ts ivere appToved by the B¢)th of TnLStees and 8Uthorised for i5SU¢ /. 2 ..4..-..4......&.AVd wcre sigtied oll its bchaifby. on T P Lankester- Trustee The notes f¢)m] parl ofib¢sc financial stsiements Page 6
THE fERNATIONAL FOUNDATION FOR ARTS & CULTURE NOTES TO THE FINANCLIL sfATEME1rS FOR TIIE YEAR ENDED 31 DECEMBER 2023 AccouiYfENG POLICIES B4sis of preparillg the fancIal Statements The financial statements of the charitable (¥)mpaDy. which is a publi¢ benefit entity under FRS 102, have been prepared in aecordance with the Ch2Tities SORP (FRS 102) 'Accounting and ReN)rting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FinanciaI Reporting Standard applicable in the UK and Republic of Ireland (FILS 102) (effective l January 2019),. Financial Reporting Standard 102 The Fillancial Reporting Standard applicable in th¢ UK and Republic of Ireland, and the Companies Act 2006. The financial statements half been prepared under the historical cost convention. Income All in¢(yrn¢ is rerA)gnis¢d in the Statement of Financial Activities once ihe clwity has enlitlement to the funds. it 15 probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities ar¢ ffcognised as expenditure as on as there is a legal or ¢on5tructive obligation committing the harity to that expendilure, il is probable that a traDsfeT of eC0MiC benefits will be required in settlelnent and the amount of the obligation can be rneasured reliably. ExpendrtUT¢ is acwunkd for on an CrUa]S basis and has been clxssified under headings that aggregate all cost Telated to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basts congistent with the use of resources. Taxatio The chartty is exempt from conx)rntion tax on its charitable tIVities. Fund accounting Unre5trirted funds ran be used ID acwrdance with the charitsble objectives at the discretion of the trustees. Restricted fimds can only be used for particul8¥ restrlcted purposes within the objects of the chartty. Re5triclion5 aris¢ when spccifi¢d by the do[ or when fimds are raised for particular restricted purpose& Furth¢r ¢xplanation of the nature and purpose of each fund is included ID the teS to the financial stalen]ents. Foreign currencies Assets and liabililies in foreign currenci&8 are translated into sterling at tbe rates of exchange rnling at the baJan¢e Sheet date. Trdn5actions ill foreign currencies are translaled into sterling at the rate of exchange ruling at the date of traDsaction. Exchange difftrences are taken into acwunt in arriving at th¢ i>pcraling re5uIt. TRUSTEES. RE}uNERATIoN AND BENEFITS There We no trustees, remuneration or othei benefits for the year ended 31 December 2023 nor for the year ended 31 De£¢nther 2022. TTUStees' expenses There were no trustees, expenses paid for the year 31 DC1nbcr 2023 nor for the year ended 31 December 2022. Page 7
THE IKfERNATIONAL FOUNDATION FOR ARTS & NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR EED 31 DECEMBER 21J23 COMPARATIVES FOR THE STATEMI ENf OF FINANCIAL AcrtvrriES Unrestricted Restri¢t¢d llds INCOME AND ENDOWMENfs FROM Donations and legacies 432.262 432.262 EXPENDrruRE O]¥ Charit2ble activities Governance cosls Supporting of the cultural activities 3.020 (34,388) 466,650 (31 J68) 466,650 Totsl 3.020 432.262 435,282 NET INCOMEI(EXPENDITURE) (3,020) (3.020) RECONCILIATION OF FUNDS Total funds brought forward 41157 42.157 TOTAL FUNDS CARRIED FORWARD 39,137 39.137 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1223 31.12.22 Annts held wiib PEML 504911 CREDITORS: AMOUNTS FALLING DUE WH1N ONE YEAR 31.1123 31.1222 Other creditors Aecrnals and deferred incon 442J68 5390 310.992 4.569 447,858 315.561 MOVEMENT IN FUNDS Net At 31.J2.23 At 1.1.23 Unrestrieted funds General fund 39.137 17916 57.053 TOTAL FUNDS 39.137 17.916 57,053 Page 8
THE IKfERNATIONAL FOUNDATION FOR ARTS & NOTES TO THE FfNANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMEiYf IN FUNDS- eontimned Net movement in funds. included in the above are as follows: Incoming Resources Movement expended in fimds Unrestrleted fllnd8 General fund 20.000 (1084) 17,916 Restricted funds The Princes Foundation 202,166 (202,166) TOTAL FUNDS 222,166 (204250) 17,916 Comparative5 for movement funds Net movement in fimds At 31.12.22 At 1.1.22 Unrestrtcted fuDd5 General fund 42,157 (3.020) 39,137 TOTAL FUNDS 42,157 (3.020) 39,137 Compardtive nct movement in fimd4 included in the above are &8 follows: Incomillg R¢Sour5 expended Movement in funds Unrestricted funds Genernl fund (3.020) (3.020) Restricted funds Wells Project The Princes Foundation 30.000 402,262 (30,000) (401262) 432,262 (431262) TOTAL FUNDS 432262 (435282) (3,020) Page 9
THE INTERNATIONAL FOUNDATION FOR ARTS & NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMENf IN FUNDS - continued A cU¢t year 12 months and prior yvar 12 months combined position is as folloms: Net movement in funds At 31.12.23 At 1.1.22 UDr¢strieted General fund 42.157 14.896 57.053 TOTAL FUNDS 41157 14,896 57.053 A current year 12 and prior year 12 JFK)nths combined net movement in fijnds. included in the above are as follows: Incoming Resources mOent expended in fimds Unrestricted funds General fimd 20,000 {5,104) 14.896 Restritted fllDds Wells Project The Princes Foundation 30,000 604.428 (30.000) (604,428) 634.428 (634.428) TOTAL FUNDS 654.428 (639,532) 14.896 RELATED PARTY DISClnSURES Ther¢ We no rclatgd party tran5adions f(Y the year ended 31 December 2023. Page 10