REGISTERED COMPANY NUMBER: 032891)93 ffjngland and Wales) REcisfERED CHARITY NU.)IBER: 1064735 REPORT OF THE TRusfELS AND UNAUDfrED FINANCIAL STATEI)IEKrs FOR THE YEAR ENDED 31 DECEfvIBER 2024 FOR THE liYfERNATIONAL FOUNDATION FOR ARTS & CULTURE lulbeny & Co Chartered Certified Accountants Easigate House Dogflud Ivay Farnham Surrey GU9 7UD
THE IIYTE1AT1ONAL FOUNDATION FOR ARTS & CULTURE coKrEKfs OF THE FINANCIAL sfATEMENrs FOR THE YEAR ENDED 31 DECEII IBER 2024 Page Report of the Tn Independent Examiner's Rew)rt Statement of Fin*Dcial Activities Balanre Sheet Iyoles lo the FillAncilll Ststements 7 to 11 Detailed Statement of Tringncial Artivities 12
THE INTERNATIONAL FOUNDATION FOR ARTS & CULTURK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees who are also directors of the charity for the purposes of ihe Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The tnjstees have adopted the provision5 of Accounting and Reporting by Charities: Sthtemenl of Recommended Practice 4>plicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJEcfIvES AND AcfiviTIES Objectives And aims We review our aims. objectives and a1vIlleS each year. The review kkS al wh* we achieved iK)th in this charity and its Sister charities. at international level. with common goals and the oulcomes of our work in the previous 12 months. The review ILX)ks at the success of each key activty and the benefits ihey have brought to those groups or individuals we are set up to help. The review also helps us ensure our aim. objeclives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's generdl guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular. Ihe trustees consider how planned activilies will contributc to the aims and objeclives ihey have seL As mentlDned in the Review pardgraph below, Ihis has meant funding opportunilies in the year. Public beneflt Our main activities and who we ty lo help are dcscribed below. All our charitable activities focus on the advancement of the education of the public in all foTmS of arts and cUlre. This may lake any or all of the following forms: The promolion of global cultural exchange Supporting of the arts activities beyond the iK)undaries ofnaiion& languages and religions and Assistance in the training of artists and musicians. To achievc these goals. the Foundation pertodically undertakes a variety oifund raising cvents and activitie5. In addition specific sponsorship is undertaken with regaTd to students in certain specialist colleges. Pag¢ I
THE INTERNATIONAL FOUNDATION FOR ARTS & CULTURE REPORT OFTHE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2024 ACHIEVEJMENTS AND PERFORMANCE Charitsble activities 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, ils sisler charity IFAC Japan, in addition a contribution towards running costs was received from this source. The charity acts in conjunction with its sister charities in Japan. Australia and Arnerica.: The Charity continued to provide SUPFK)rt for the following organisations: The King'5 Foundation { fornierly The Prince's Foundation) and its work in the fields of art and ¢ultu including its School of Traditional Art4 in fuifilment of IFAC'S commitment to donate USS 250.000 annually over ten years commencing in July 2020. The King's Foundation ( fomierly The Prince's Foundation) for work undertaken within its Architecture and Heritage DepartmenL in fuifiImenS of IFACS further COTnmRtrnent to donate US$250.000 annually for ten years commencing in August 2020. As reported Previously owing to some delays on planned initiatives at ihe King's Foundation. some of the pledged support h&s been delayed. However we are pleased to have donated £104.167 in support of arts and cultural activities al the Foundation during the year. FINANCIAL REVIEW Principal funding sources The ch#Tity's principal funding source is its sister charity IFAC Japan. bascd in Japan. Reserves policy The tNstees have revicwed the reserves of the charity. This review encornpassed ihe nature ofthe In)me and cxpenditure stream4 the need to match variable income wilh red commitments and the nature of the reserve4 particularly the unrestricted fund. The benefactor was aware of the amounts left in reslricled rcscrves and suitable application will be made in due course of these funds so these have been moved to unrestrlcted reserves. The revieiv concluded that to alloiy the charity lo be managed efficicntly atMI to provide a buffer against Intenpting ongoing commitmcnts as Nvell as new charitable projects. a gencrdl reserve needs to be maintained. As at 31 tkcember 2024 the unrcstricted reserve was £96,456 reflecting the prc5cnt level of activity. The level of reserve will be reviewed regularly to ensure sufficient funding fn)m the principal benefactor. srRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming d(Kument. a deed of In, and conslitules a limit¢d company. limited by guarantee. &$ defined by the Companies Act 2006. Risk management The tStee$ have a duty lo identify and Teview ihe risks to which the charity is exposed and to ensure appropriate controls are in place to provide Teasonable assurance agatnst fraud and error. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Company number 03289093 (England and Wales) Page 2
THE INTERNATIONAL FOUhI>ATION FOR ARTS & REPORT OF TTtETRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charlty nnmber 1064735 Registered office 69-71 East SIT¢¢t Epsom Surrey KT17 IBP Trvsteo8 Sir T P IADkester M Miyazaki (resigned 191112024) B Scannell Director (appointed 191112024) N C Patel Dirwtor (appoini¢d 191112024) Company Secretary N C Patel Independent Examiner MullKny & Co Chartetcd Certified Accountants EaLoate House Dogflud Way Surrey GU9 7UD This report has been wepared in accordance with the special provisi(S of Part 15 of the Compaaies Act 2(MJ6 T¢lating to small compani Approved by order ofthe board of trustees (ffl 21 Oclober 2025 and signed on its behaifby. SirTP
INDEPENDEKf EXAIMINERIS REPORT TO THE TRusfELSOF THE INTERNATIONAL FOUNDATION FOR ARTS & CULTURE d¢peDd¢o1 txmin$ report to tho tnLrtets ofThe knternti¢bMI FoundaliDn ForArts & Culture Cthe Company,) I rewJrt toth¢ chaTity trustees on my exatninalion of thexcowtsofthe C(MnpaDy forthe 31 D£cember 2024. Reswfvllxibilitles ttd bsis of rert As the cbaritys trustecs of th¢ c£ (wd its direths for the of company law) you are le for the Having lYfied myself that the a¢LThmts of the Comp•ny ar¢ Awl r¢quml to be audited wmkr Part 16 of the 21)06 Act are eligible for i[Mkpt I rqN)rt in rryert of my cxamiDiOD of your dwitys )Unts as c8ttied o under Section 145 of th¢ Clwitics Act 2011 2011 Ace). In ¢wing my examijthtion l F4v¢ follovrtd the given by the Clmtity Conunissicffl under Sect)n 145(5) (b) ofthe 2011 A¢L giving mc cau% to bcji the (k) not ClKDply with the aLU)lIng wuirem•ts of s¢&i( 396 of the 20(hS Act other than w)y reqtiiremt that the accourtts give a tn* aDJ fair view which is a maltrx wlderj as part of all independent accord with the Filwl1 Rqxwting stnd awlithle in the UK Rwblic of [telat (FRS 102)). Mark Lester Mulbury BA ( cqts)FCCA CTA Dogfiud Way Farnham SuNey GU9 TUD
THE IERNATIONAL FOUNDATION FOR ARTS & CULTURE srATE.11E OF FLNANCIAL AcrtvTrtES FOR THE YEAR ENDED 31 DECE,IIBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fimd Restricted funds Notes tNCOI)IE AND END0%IElyfS FRO,M Donations and leg&ies 104,167 104,167 222,166 EXPENDITIJRF ON Charitable activities Governance costs Supporting of the culturdl activities (40833) (40.833) 104,167 (345} 204.595 104,167 Other 1.430 1,430 Totgl (39A03) 104.167 64.764 204250 NET INCOhlE 39,403 39.403 17916 RF.CONCILIATtON OF FUNDS Totsl funds brouoht forward 57,Ili3 57,053 39.137 TOTAL FUNDS CARRIED FORIVARD 96,4)6 96.456 57.053 The Mtes forni part of these fin2n¢ial statements
THE INfERNATIONAL FOUNDATION FOR ARTS & CULTURE BALANCE SHEET 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total Unrestricted Restricted Notes CURREiYf ASSETS tkbtors 84132 754J59 839,191 504.911 CREDITORS Amounts falling due wilhin one year 11.624 (754J59) (742.735) (447,858) NET CURREKf ASSETS 9fi456 9Q456 57.053 TOTAL A&SETS LESS CURREI LIABILrriES 9&456 9&456 57,053 NET ASSETSIILIABILITILS) 96.456 96.456 57.053 FUNDS Unrestrtcted fimds 9A456 57.053 TOTAL FUNDS 96,456 57.053 The ¢Iltable collwany is e1tkd to exemption from audit )der Section 477 of the Compantes Act 2006 for the year ended 31 Decellttr 2024. The members have required the conipatry lo obtain an audit of its fllw)cial statements for the year ended 31 December 21Y24 iii accordance ivith Section 476 of the Companies Act 2006. The trustees acknowledge their respotb111tieS for (a) ensurlng that the clwitable company kceps accounting ttcords Ilt compty wtth Sections 386 and 387 of the Companies Act 2006 and preparllig financial stalements whith give a truc and fair view of the state of affairs of the charitable Company as at the end of each financial year and of its sUlUS or deficit for each financial year ID accordance iyith the requirements of Stttions 394 395 and which otheThVI comply with the requirements of the Companies Act 2(X)6 relatiDg to 6nancial sLements. so far applicable to the charitable company. (b) Thcse financial ststements have beffl prepared in accordance with the provtsioL8 applicable to clwitable companies Subject to the small companies regiDK. The financial ststements were approved by the Board of TnL81ees and aulhorised for issue on 21 October 2025 and were signed on its behalf by. T P iAnkester. Tntee The notes forni part of these finla1 statements
THE wfERliATIONAL FOUYDATION FOR ARTS & CULTURE NOTES TO THE FIJ'ANCIAL STATEMENtS FOR THE YEAR ENDED 31 DECEIIIBER 2024 AccouKfiNG POLICIES Basis of preparing tbe fmxncial statements The financial statements of the chariiable company. which is a public benefit entity under FRS 102, have been prepared in accordance ivith the Charities SORP (FRS 102) 'Accounting and R¢rtIllg by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in acconknce with the Ftnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reportin" Standard 102 The Financial Rew)rting Standard applicable in the UK and Republic of trelan(r and the Companies Act 2006. The financial statements have been wepared utmler the historic21 cost convention. Ineome All income is tEcolSed in ihe Statement of Financial Activities once ihe charity has entitlement to the fimds, it is probable that the income ivill k received and the amount can be measured reliably. Eipenditurt Liabilities are recognised &$ expenditure &8 s(x)n &8 there is a legal or co1]ve obligation covnmitting the charity to that e.xpendilur4 it is probable that a transfer of economic benefits will be required in settlement and the amount of the oblioaÉion can be measured reliably. Expenditure is accounted for on an accrua15 basis and has been classified under heading5 that awgate all cost related to ihe category. Ivhere costs cannot be directly attributed io particular headings they have been allocated to activities on a b&sis consistent with thc use of resources. Tantion The charity is exempt from cortK)rdtion tsx on its charttable activitie Fund accounting Unteslricled funds can used in accordance with the clwitsble objectives at the discretion of the tTUStee5. Restricted funds can only be used for particular Te5tricted pUr[X within the objects of the charity. Restriclions arise ivhcn specified by the donor or when funds are raised for particular testricied purposes. Further explanation of the nature and puryM)se ofeach fund is included in ihe notes to the financial slatements. Foreign currencies Assets and Ilabilities in foreign C41Trencie5 are trdnsiated into steTiing at the Tates of exchange ruling at the balance sheet date. Transactions in forei cutrencies are translated into sterling at the rnte of exchange ruling at the date of transaction. Exchan- differences are taken tnto accounl in atTiving at th¢ operating result. TRUSTEES, REITrlUNERATION AND BENEFITS There were no tru5tC¢5' rerni]neTation OT other Ierts for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no tmstees, expenses paid for the Y ended 31 December 2024 nor for the yrdr ended 31 December 2023. Page 7
THE bYfERNATIONAL FoUATION FOR ARTS & CULTURE NOTFS TO THE FINANCIAL STATEfvIENtS- eoDtiDued FOR THE YEAR ENDED 31 DECEMBER 2024 Co[PARATIV&s FOR THE STATEATrIENf OF FINANCIAL AcrtVlTIES Unrestricted Restricted fimds Total YCOIMK ENDO1VIENTs FROM t%)nations and legacies 20.(KKI 202,166 222.166 EXPEf*'DITURE ON Ch4ritable arlivittes CM>icrnancc costs SuptK>rting of the cultural &Xivilies 1084 (2,429) 204.595 (345) 204.595 Total NET tNCOITrlE 17.916 17,916 RECONCILIATIONI OF FUNDS "I"otsl fimds brought foThvard 39.137 39.137 'IOTAL FUIYDS CARRIED FORIVARD 57.053 57.053 DEBTORS: lo[lLyfS FALLING DUE WITHtN ONE I'EAR 31.12.24 31.12.23 Amounts held i%qih PLfvtL 839,191 504,911 "PF.ML' _ Pca Events Imanagcrncnt Limited holds fillids for the charity to a(hninistcr pavtncnts on its instriKtions undcT agrccmcnt. CREDftORS: IOUNfs FALLING DUE wrrHtN OINE YEAR 31.1224 31.122J Other creditors ACcn$ and def¢rted income 741,113 1,622 44?.568 5290 742,735 447.8)8 Pe 8
THE ERNATIONAL FOUNDATIOLY FOR ARTS & CULTURE NOTES TO THE FINAh'CIAL STATEfvIENfs- continued FOR THE YEAR ENDED 31 DECEINIBER 2024 ,IIOVE1¥IE IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds Generdl fund 57,053 39,403 96A56 TOTAL FUNDS 57.053 39,403 96,456 Net movement in fund& included in the th)ve are &$ follows: Incoming resources Resources Movemenl An ftmds Unrestricted funds Generdl fid 39,403 39,403 Restricled funds Thc KTrng's Foundation 104.167 (104,167) TOTAL FUNDS 104.167 (64.764) 39,403 Comparatives for movement ill funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 39.137 17.916 57,053 TOTAL FUNDS 39,137 17.916 57.053 Page 9
THE lfERNATIONAL FOUNDATION FOR ARTS & 'OTES TO THE FtNAI¥CIAL sfATEMEhTS- continued FOR THE YEAR ENDED 31 DECEfvIBER 2024 IOVELMENr IN FUNDS- continued Comparative net movement in fund% included in tbe alx)vc ate as folloiys: Incoming rcsources Resources expended Movement in thnds Unrestrirted fvnds General fund 20,000 <2,084) 17.916 Reslrieted funds The King's Foundation 201166 (201166) TOTAL FUNDS 2?2.166 (204,250) 17,916 A current yrar 12 monihs and prior year 12 fflonths combÈned wTrsition is &s follows: Net movctnent in funds At Jl.12.24 At 1.1.23 Unrestricted funds Gcncrdl fund 39.137 57J19 96,456 TOTAL FUNDS 39,137 57.319 96.456 A current year 12 months and prior year 12 months combined nct TtK)vement in fimds. included in the alx)ve are Is follows: Incoming Resources expended Movement in funds Unrtstricted funds General fund 20,000 57,319 Restrieted funqb The Kino's Foundation 306.333 (306,)33) TOTAL FUNDS 326J33 {269.014) 57,319 Page 10
THE INfERNATIONAL FOUNDATION FOR ARTS & NOTES TO THE FINANCIAL STATEfvIEhYS- eontinued FOR THE YEAR ENDED 31 DEcE]BER 2024 RELATED PARTY DISCU)SURES There were no related paty trdnsactions for the year ended 31 December 2024.
THE INTERNATIONAL FOUNDATION FOR ARTS & CULTURE DETAILED STATEI)IENT OF FINANCIAL ACtivrriES FOR THE YEAR ENDED 31 DECEIIIBER 21Y24 31.12.24 31.12.23 INCOIME AND ENDOIVhlEKtS Donations xnd legacies Donations 104.167 222,166 Total incoming resources 104.167 222,166 EXPENDfriiRE Charitable activities Kino's Foundalion 104.167 204.595 Support costs Governanee costs Accountancy and legal fees Bank charges Forcign Exchange (GainW)ss 1.430 2,007 85 (2.437} (40033) (39,403) (345) Total resources expended 6£L764 204,250 Net income 39,403 17.916 This page does not fomi part ofthe statutory financial stalements Page 12