REGISTERED CHARITY NUMBER: 1111022 Report of theTrn8teo8 and FlnaneiAI Statements for the Year Ended 5 April 2024 for The Buffini Chao Foundation
The Buffini Chao Foundation Contents of the FinAncial Statements for the Year Ended 5 April 2024 Page Report of the Trustees I to 4 Report of the Indepelldent Audito Statement of FlllanciAI Aetivities Balance Sheet Cash Flow Statement io Notes to the FinaneiAI StAtements 11 to 20
The Buffillll Chao Foundation Report of the Trustees for the Year Ended 5 April 2024 The tswstees present their report with the finan¢ial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Repy)rting by Charities.. Statem¢nt of Recommended Pradice applicable to Charities preparing their accounts in aeeordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). ORJECTIVES AND ACTIVITIES Objectives and aim$ The eharities supported by the Foundation continu¢ to be those that create learning opportunities for young people from disadvantaged bkgrOUndS. Those opportunities are created through education, the arts. sport or simply experiencing the outdoors; the aim is to provide those young peopl¢ wtth self-confiden¢e and purpose so that they can fvlfil their potential and well-being. The Trustees have noted that several charities supported are increasingly providing skill-based traininglwork experience (including an innovative creative training programme run at H[ply0I Isis in South East London). Skill based training/work experience is particularly relevant in the creative ajtslperfonning sector where there is an incre&sing skills shortage and is a sector which plays an important and signifi&t part in the UK economy. The Foundation has been pleased to provide support for this fmancial year in th¢ totsl amount of £835,710 spread at different levels across a total of 21 charities: ¢ad First Give tnto University Kent Academies Network Springboard Foundation Young Enterprise ervention: ention throu English National Ballet Headlong Theatre Limited. Music Masters National Theatre's Conneclions, New Views and Lets Play programmes Quentin Blake Centr¢ for Illustration Royal Academy of Dance Royal Ballet School Uni¢orn Theatre Untold Creative Trainlng Prowmes in HMPIYOI Isis in Southeast London World Heart Beat Music Academy dance and d Intervention throu ort: Football Beyond Border5 ' hmentlcom environme Children Today Charitabl¢ Tnjst Community Foundation for Surrey Royal Botanical Gardens, Kew Soil Association Young V & A. For more inforniation on charities being pr¢sently supported, refer to the website Nwww.buffini¢hao.com Publi¢ benefit The trustees eonfirn) that they have considered the guidance contained in the Charity Commission's general guidance on public benefit when setting the grant making policy for the year. Th¢ trust complies with its publi¢ benefit responsibilities by making grants to charitable instithtions large and small in support of its stated objectives and aims and where the thjstees Can follow up and get a feel for effect the grant has had. Page I
The Buffini Chao Foundation Report of the Trustees for the Year Ended S April 2024 OBJEcrtVES AD ACTIVITIES Grant making The tnjstees made to institutions in the year omounting to £835,710 (2023.. £641,510). A detailed breakdown of the ants paid are included in the notes to the financial statements. ACHIEVEMENT AND PERFORMANCE Charitable aetivities The charity is proactive in making grants to worthy causes. Fulldraising activities The trust is thnded principally by gifts from the friunder. Additionally in¢ome generated from investing the fund5 a used to further the charlty's objectives. FINANCIAL REVIEW Principal funding sources The principal source of ndS is investsnent incorne generated from the ttwvs Substantial investment bas¢ 2nd gifts from the trustees. Investment policy and objeetives The charity's tnvestment managers are Schroders and Co Ltd and they ar¢ instrncted to manage the long-tern] assets of the charity through diversified global multi - asset portfolios with an increasing focus on'sustainability,. The trustees revtew their investment strategy annually and this is reflected in the Trustee Investment Policy Statement agreed with the managers. In order to maintain a pntdent and responsible investment policy and in view of the volatility in the investment markets the charity keeps cash reserves sufficient to cover at-MakIng for a period of at least six months. Reserves policy The trusfres balance grants paid with inveslm¢nt income generated and to maintain the capital base to generate a 5te8dy income stream. Applications for grants are considered on a regular basis and the tnjstees decide on awards where th¢ rileria meet the objertives of the Irust. The trustee's assessment of required reserves hag remained £10,000,000 during the year under review, &s grants made continu¢ to exceed inveslment income and this will continue to be reassessed on a regular basis. At ihe end of the year the trusls liquid assets had fallen to £303,682. Quoted investtnents with a market value of £13270,622 were held at the balance sheet date. FUTURE PLANS The trustees intend to maintain the current level of fijnding to fulfil the charity's mission and objectives. The Gharity will review wt applications at their quarterly tNstee meeting and decide which organisations to support. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing documen¢ a deed of trust and constitutes an unincorpornted charity. The Trust is an unincorpordted trusL constituted under a trnst deed dated I l May 2005 and is a registered charity. The Charitable tst which was established by an initial gift from Sir D. M. Buff1 has as its objectives for such charitable purposes as the trnstees in their absolute discretion think fit. Recruitment and appointment of new trustees Lady Buffmi and Sir D M Buffini are trnstees for life. Mrs M G Hindmarsh and S J Gutierrez were reappointed on 23 April 2021 for a further 4 years. Mrs Karen Platt appointed on 5 De¢¢mber 2022 for a tenn of 4 years. Trustees will be appointed by the existing ttustees and retiring trustees maybe re-elected. Page 2
The Buffini Chao Foundation Report of the Trustees for the Year Ended 5 April 21)24 srRucfuRE, GOVERNANCE AND IAGEMENT Organisational strueture The Irust is managed by the trustees who meet regularly to agree the consid¢ration of grant making, investment, reserves and risk management policies and perfomiance. Induetion and training of new trustees The induction process for any newly appointed trustee comprises an initial meeting with all existing trustees. In addition the appointed trustee will be provided with a copy of the Charity's Commission guidance The Essential Trustee.. What you need to know,, a copy of the Charity's tsust deed and a copy of the latest aTwual report and ac¢ounts. Risk management The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and proCedUS to manage those risks. The tnte¢S consider the variability of investhient tUrnS on the endowment fund to constitute the chity's major risk REFERENCE AND ADMINIST114TIVE DETAILS Registered Charity number III1022 Principal Address PO Box 1427 Northampton NNI 9FP Trustees SirD M Buffmi Lady Buffini Mrs M G Hindmarsh Mrs S J Gutierrez Mrs K Platt Auditon Ward Williams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN Investment Advisers S¢hroder & Co. Limited l London Wall Place LK)ndon EC2Y SAU STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are r¢sponsible for preparing the Report of ihe Trustees and the fmancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Stand8rd 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Page 3
The Bufflnl Chao Foundatlon Report of the Trustees for the Year Ended S April 2024 STATEMENT OF TRUSTEES, RESPONSIBILITXES- ¢on¢lnued The law applicable lo charities in England and Wales. the Charities Act 2011. Charity (Aonts and Reports) Regulations 2008 and the provisions of the twst deed requires the trnslees to prepare financial statements for each financial year which give 8 true and fair view of the state of affairs of the ¢harity and of the incoming resources and application of resources, inoluding the ineome and ¢xpenditur¢, of the charity for thal period. In preparing those financial stslem¢nts, the tsustees are required to select suitable accounting policies 2nd then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prud¢nL slate wheth¢r applicable accounting standards hav¢ been followed. subject to any material departures disclosed and explained in th¢ fuydncial statements. prepare th¢ financial statements on the going Concern basis unless it is inappropriate lo presume that the ¢harity will continue in busin¢ss. The trustees are r¢sponsibl¢ for keeping proper accounting records which disclose with reasonable accuracy at any time the fm&ncial position of the charity and lo enable them to ensure that the financial ststements ¢omply with the Charities Act 2011, the Charity (Accounts &nd Reports) Regulations 2008 and the pn)visions of the ttvst deed. They are also responsible for safeguarding the assets of the chlty alld hence for taking reasonable steps for the prevention and detection of fraud alld other irregularities. Approved by order of th¢ board of ttiJst¢es on .. . md Sied on its behalf by.. Lady Buffini- Trustee Page 4
Report of tbe Independent Auditors to the Trustee5 of The Buffini Cbao Foulldation Opinion We have audited the financial statements of The Buffini Chao Foundation (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial ststements, including a summary of significant accounting policies. The finan¢ial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of ihe state of the ¢h2rity's affairs as at 5 April 2024 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. have been prepared in accordance with the requirements of the ChitieS Act 2011, Basis for opinion We conducted our audit in accordance with InternationaI Standards on Auditing (UK) (ISAS (UK)) and appli¢able law. Our responsibilities under those standards are thrther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in ac¢ordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, in¢luding the FRCS 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 basts for our opinion. Collclusions relating to goillg concern In auditing the fmancial statements, we have concluded that the trustees, use of the going ¢on¢¢rn b&8is of accounting in the preparation of the fmancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast $i1ficant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financtal statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with r¢spe¢t to going concern are described in the relevant sections of this report. Other illfonnAtiOD The trnstees are SponSible for the other information. The other infomlation comprises the infonnation included in the Annual Repo other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the finallc1 statements does not cover the other infonnation and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance Conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and. in doing so, consider whether the oth¢r infomiation is materially inconsistent with the fmancial ststements or our knowledge obtsined in 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 perfotThed, we conclude that there is a material misstatement of this other inforniation, w¢ are required to report that fact. We have nothing tr) report in this regard. Matters on wbich we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the inforniation giv¢n in the Report of the Trtte¢s is inconsistent in any material respect with the financial ststements. or sufficient accounting records hav¢ not been kept. or the financial sL2tements are not in agreement with the accounting re¢ords and return5; or we have not received all the inforniation and explanations we require for our audit. Page 5
Report of the Independent Auditors ¢0 the Trustees ol Tbe Buffini Chao Found#tioll R&sponsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trnstees are responsible for Éhe preparation of the fmancial statements which give a ttue and fair vi¢w, and for such internal control &8 the tnleeS detennine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or eor. In preparing the financial statements, the tntee$ are responsibl¢ for assessing Ihe Charity's ability to continue as a going concern, disclosing, &8 applicable, matters related to going concern and using the going ¢oncern basis of accounting unless the tnjstees either intend to liquidate the charity or to ¢e&se operations. or have no realisti¢ alternative but to do Our responsibilitie$ for the audit of the fillaneial statsmellts We have been appointed as auditors 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 reonable assurance about wheth¢r the financial statements as a whole are free from material misstaternent. whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable &ssurdnce 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 mi5ststement when it exists. Misstatements can ]se fiDm fraud or error and are Considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic de¢isions of users taken on the basis of these fmancial statements. The extent to which our procedures are Pable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks appIlble to the charity and the sector in which they operat¢. We detennined that the following were most significant: the Charities A¢t 2011. - We obtsined an understanding of how the ¢harity is complying with those legal and regulatory frameworks by making Inquiries of the management of the charity. We wm)borated our inquiries thmugh our r¢view of cotTespond¢n¢e during our audit work. - We &8sessed the sus¢eptibility of the charity's fmancial statements to material misstatement. including how fraud might occur. Audit procedures perfornied included: - identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud. - understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. - challenging assumptions and judgements made by management in its significant accounting estimates. - identifying and testing journal entries, in particular any joumal entries p)sted with unusual a¢count combinations. and Because of the inherent limitations of an audiL there is a risk that we will not detect all legUlarlties, including those leading to a material misstatement in the financial statements or non-compliarA¢e with regulation. This risk increases the more that complian¢e with a law or regulation is removed from the events and transadions reflected in the financial statements, &8 we will be less likely to become aware of instances of non-compliance. The risk ts also greater regarding irregularities o¢¢urring due to fraud rather than eTror, as fraud involves intentional concealmenL forgery, ¢ollusion, omission or misrepresentation. A fi]rther description of our responsibilities for th¢ audit of the financial statements is located on the Finan¢ial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description fornis part of our Report of the Independent Auditors. Page 6
Report of the Independent AuditOfS to the Trustees of Tbe Buffini Chao Foundatioll 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 (A¢¢ounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's tswtees those matters we are required to state to them in an auditors, report and for no other purpose. To the lIest extent pennitted 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 repor¢ or for the opinions we have formed. dl DJL Ward Willi8m8 B¢lgrave House 39-43 Monument Hill Weybridge sU¢Y KT13 8RN Page 7
The Buffini Chllo Foundatioll StAtement of Financial Aetivitits for the Year Ended 5 April 2024 5.4.24 Totsl nds 5.4.23 Total funds Unrestricted fund Endowment fund Notes INCOME AND ENDOWMENfs FROM Donations and legacies 994,485 994,485 500,000 Invesknent income 533,512 S33,512 501,891 Totsl 533,512 994,485 1527,997 1,001.891 LYPENDITURE ON Raising funds 4J22 4J22 4,420 Charitable aetivities Genernl charitable a¢tivities 944,854 944,854 743,817 Total 944054 4J22 949,176 748,237 Net gains/{losses) on invesknents 533217 533217 (855,133) NET INCOMEI(EXPENDITURE) Transfers between funds {411a42) 411J42 lJ23J80 (411J42) 1,112,038 (601,479) 14 Net movement in funds 1,112,038 1,112,038 (601.479) RICONCILIATION OF FUNDS Total funds brought forward 12,462266 12,462266 13,063,745 TOTAL FUNDS CARRIED FORWARD 13J74a04 13,574a04 12,462,266 The notes fomi part of these financial statements Page 8
The Buffini CbAO Foundatlon Balance Sheet S Aprll 2024 5.4.24 Totsl funds 5.4.23 Total fiknds Unrestricted nd Endowment nd Notes FIXED ASSETS tnvestments li 13,270,622 13,270,622 11,836.668 CiiRRENT ASSETS Debtors C&8h at bank 12 7,751 2J49 7,751 307,231 3.056 631,242 304,882 io,ioo 304,882 314,982 634298 CREDITORS Amounts falling due within on¢ year 13 {io,ioo) (1,200) (11,300) (8,700) NET CURRENT ASSETS 303,682 303,682 625,598 TOTAL ASSETS LESS CURRENT 13,574J04 13,574,304 12,462,266 IYET ASSETS 13,574,304 13,574JIM 12,462,266 14 Endowment fid5 13,574,304 12,462,266 TOTAL FUNDS I374?04 12,462266 The fmancial ststements wetr approved by the Board of Trnstees 8nd authoLised for issue ..l.i.LJ L . 8nd were signed on its b¢half by.. Lady Buffini- Trustee The nol¢s fom part of these financial stat¢meThts Page 9
The Buffilli Chao Foundation C#$h Flow Statement for the Year Ended 5 April 2024 5.4.24 5.4.23 Notes Cash flows from operating activitie5 Cash generated from operations 16 (946,949) (747,990) Net cash used in operating activities (946,949) (747,990) Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends received (994,485) 93,748 14,471 519,041 (Il8,186) 2,000 3,897 497,994 Net cash (used inyprovided by investing activities {367225) 385.705 Cash flows from finaneing activities Income attributable to endowment Expenditure attributsble to endowment 994,485 (4J22} 500,000 (4,420) Net Cash provided by financing activities 990,163 495,580 Change ill cash gnd cash equivalents in the reporting period Cash and cash equivalellts at the beginning of tbe reportillg period (324,011) 133,295 631242 497,947 Cash and egsh equivalents 4t the end or the reporting period 307231 631,242 The notes forni part of these financial statements Page 10
The Buffini Ch20 Foundation Notes to the FinanciAI Ststemellts for tbe Year Ended 5 April 2024 AccouNfiNG POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENrs The financial slatements of the ¢harity, whi¢h is a public benefit enlity under FRS 102, 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) (effe¢tive l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland, and the Charities Act 2011. The fiy]ancial statements have been prepared under the historical cost onvention, with the exception of investtnents which are included at market value. The financial ststements have been prepared on a going concern b&qis as the trustees believe that no material uncertainties exist. The tnte¢S have considered the level of funds held and the expected level of income and expendituT¢ for 12 months from authorising these fmancial statements. The budgeted income and expendithre is sufficient with the level of reserves for the Gharity to be able to continu¢ &8 a going ¢on¢ern. INCOME All income is recognised in the Statement of Financial Activities once the charity has entidement to the funds, it 15 probable that the income will be received and the amount can be measured reliably. EXPETr4DITURE Liabilities are recognised as expenditure as soon as there is a legal or constructiv¢ obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation Can be measured reliably. Expendire is accounted for on an accruals basis and has been classified under headings that wegate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not b¢en met at the year end date are noted as a commilment but not accrued as expenditure. ALLOCATION AND APPORTIONMENT OF cosrs Resources expended are allocated directly to the fund to which they relate. TAXATION The ¢harity is exempt from t&x on its charitsble activities. FUND ACCOUNTING Unrestri¢ted ndS ¢an be used in accordance with the charitable objectives at the dis¢retion of the trwtees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restri¢tions arise when specified by the donor or when ndS are raised for particular restricted purposes. The endowment fund is restricfrd in that the funds were gifted to provide a capitsl b&8e in order to generate an income from which to make antS in the course of the charity's activities. The endowment is however expendable at the discretion of the trustees and any capital gains or losses are ¢reditedlcharged to the fund. Investment management costs are ¢harged to the Endowment funds. FOREIGN CURRENCIES Assets and liabilities in foreign curren¢ies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign ¢urrencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are tsken into a¢¢ount in gJTiving at the operating result. PENSION COSTS AND OTHER POST-RITIREMENT BENEFrrs The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Adivities in the period to whi¢h they relate. Page 11 continued...
The Buffini Cbao Foundatio Notes to the FinaJJ¢ial Statem¢nts- continued for the Year Ended 5 April 2024 ACCOUNTING POLICIES- continued Investments are ststed at market value at the balance sheet date. The Statement of Financial Activities includes Ihe net gains or losses arising in th¢ year whether from revaluations or disposals. DONATIONS AND LEGACIES S.4.24 5.4.23 Gifts Gift aid 994,485 400,000 loo,000 994,485 500.000 INVEsfMENf ThCOME Investment income comprises.. 5.4.24 5.4.23 Interest received on UK investments UK Dividends Interest received on overseas inveslments 4,471 517,949 1,092 3,897 497.994 533112 501,891 IL4ISING FUNDS INVESTME MANAGEMENT COSTS 5.4.24 5.4.23 Portfolio management 4?22 4,420 CHARITABLE ACTivrriES COSTS Grant funding of activities (see note Support costs (see note 7) 6) Totals General Charitable activities 835,710 109,144 944,854 Page 12 ¢ontinued...
The Buffini Chao Foundation Iyotes to the Financial Statemellts- continued for the Year Ended S April 2024 GRANTS PAYABLE 5.4.24 5.4.23 General charitable activit1¢5 835,710 641,510 The totsl grants paid to institutions during the year was as follows: 5.4.24 5.4.23 Bush Theatre Company Caterham Primary Maths programme Chance to Shine Children Today Charitsble Trust Community Foundation for Surrey English National Ballet Envision First Give Footbal Beyond Borders Foundation and Friends of the Royal Botanic Gardens Kew Headlong Theatre Limited Into University Kent Academies Network Music Masters Primary Robbills Quentin Blake Centre for Illustration Royal Academy ofDance Royal Ballet School Royal National Theatre- Conne¢tions, News Views and Levs Play pr0Me$ Royal Shakespeare Company Rugby Football Foundation Schoolreaders Soil Association Springboard Foundation Unicorn Theatre Untold Creative Training Victoria and Albert Museum World Heart Beat Music Academy Young Enterprise 10,000 5,000 14,000 15,000 30,000 74,000 10,000 25,000 26250 25,000 25,000 10,140 40,000 25,000 18,000 25,000 40,000 18.000 21,510 5,000 10,000 2S,000 20,000 250,000 250,000 3,000 5.000 5,000 12J20 30,000 10,000 50,000 125,000 25,000 5,000 30,000 10,000 125,000 25,000 835,710 641,510 Page 13 continued...
The Buffini Ch20 Foulldation Notes to the Financial Statements- eontinued for the Year Ended 5 April 2024 SUPPORT COSTS Governance costs M8nagem¢nt Finance Totals General charitabl¢ activities 94,856 74 14214 109,144 Support costs, included in the above, a as follows: MANAGEMENT 5.4.24 General charitable athivities 5.4.23 Total a¢tivities Wages Social security Pensions Website costs Postage and stationery Travel and subsistenc¢ IT Support 82J07 5216 1,418 858 330 245 4,482 77,013 4216 1,170 564 362 1?75 4,146 94056 88,846 FINANCE 5.4.24 Genernl charitable activities 5.4.23 Total activities Bal charges 74 81 GOVERNANCE COSTS 5.4.24 Generdl charitsble activities 5.4.23 Totsl activities AudiÉors' remuneration Professional fres 6,660 7A54 5,760 7,620 14214 13J80 Page 14 Continued...
The Buftfini Chao Foundation Notes to the Financial Ststements - continued for the Year Ended 5 April 2024 TRUSTEES, REMUNEBATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. TRUSTEES, EXPENSES An amount of £59 (2023: £252) was re-imbursed to l(2023.. 1) TThtee for expenses made on behalf of the Charity. STAFF COSTS 5.4.24 5.4.23 Wages and salaries Social security costs Other pension costs 82J07 5216 1,418 77,013 4216 1,170 88,941 82,399 The average monthly number of employees during the year was as follows: 424 5.4.23 Administration No employees receiv¢d emoluments in excess of £60,000. COIWIPABATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrkcted fund io. Endowment nd Total fijnds COME AND ENDOWMENfs FROM Donations and legacies 500,000 500,000 Investment income 501,891 501,891 Totsl 501,891 500,000 1.001,891 EXPENDITURE ON Raising funds 4,420 4,420 Charitablt activities Genernl charitsble athivities 743,817 743,817 ToÉ*l 743,817 4,420 748,237 Net gainsl(losses) on investments (855,133) (855,133) NET INCOME/(EXPENDITURE) Tr#nsfers between funds (241,926) 241,926 (359,553) (241,926) (601.479) Net movement in funds (601.479) (601,479) Page 15 continued...
The Buffifji Chao Foundation Notes to the Finaneial Statements - continued for tbe Year Ended 5 April 2024 io. COMPARATIVES FOR THE STATEMENf OF FINANCIAL AcfiviTIES- continued Unrestricted Endowment nd fund Total funds RECONCILIATION OF FUNDS Total funds brought fonvard 13,063,745 13,063,745 TOTAL FUNDS CARJUED FORWARD 12,462,266 12,462266 ii. FIXED ASSET INVEsfMENTS Listed investments MARKET VALUE At 6 April 2023 Additions Disposals 13?06J99 994,485 (9S,195) At 5 April 2024 14205,689 PROVISIONS At 6 April 2023 Provision for year 1,469,731 (534,664) At 5 April 2024 935,067 NET BOOK VALUE At 5 April 2024 13270,622 At 5 April 2023 11,836,668 Investments at market value comprise:. 5.4.24 5.4.23 Bonds Multiple Asset Class 899,985 12,370,637 11,836,668 13270,622 11,836,668 Of the invesknents held at the balance sheet date £399,376 (2023.. £Nil) relate to overseas holdings. Page 16 ontinued...
The Buffini Chao Foundation Notes to the Financial Statements- eolltinued for the Year Ended 5 April 2024 12. DEBTORS: AMouNfs FALLING DUE wrrHIN ONE YEAR 5.4.24 5.4.23 Other debtors 7,751 3,056 13. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 5.4.24 5.4.23 Accrued expenses li?00 8,700 14. MOVEMENf IN FUNDS Net movement in thnds Transfers bettween funds At 5.4.24 At 6.4.23 Unrestrieted funds General fund (411J42) 411J42 Endowment thllds Expendable endowment 12,462266 1S23?80 (411J42) 13J74a04 TOTAL FUNDS 12.462266 1,112,038 13,574J04 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in llds Unrestrieted funds Genernl nd 533,512 (944,854) (411?42) Endowmellt funds Expendable endowment 994,485 (4J22) 533217 IA23J80 TOTAL FUIYDS IA27,997 (949,176) 533217 1,112,038 Page 17 continued...
The Buffini Chao Foundatloll Notes to the Financial Statements- eolltinued for the Year Ended 5 April 2024 14. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in thnds Tronsfers between funds At 5.4.23 At 6.4.22 Unrestricted funds General fiind (241,926) 241.926 Endowment fvnds Expendable endowment 13,063.745 {359,553) (241,926) 12,462,266 TiyfAL FUNDS 13,063,745 (601,479) 12,462,266 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in fund5 Unrestricted fulld8 General fund 501,891 (743,817) (241,926) Endowment funds Expendable endowment 500.000 (4,420) (855,133) (359,553) TOTAL FUNDS 1,001,891 {748237) (855,133) (601,479) A current year 12 months and prior year 12 months combined position is as follows: Net movement in ndS Tronsfers between nds At 5.4.24 At 6.4.22 Unrestricted funds General fimd (653,268) 653,268 Endowment funds Expendable endowment 13,063,745 1,163,827 (653268) 13,574,304 TOTAL FUNDS 13.063,745 510,559 13,574.304 Page 18 continued...
The Buffini Chao Foundation Notes to the Flnancial Statements - eolltinued for the Yeir Ended 5 April 2024 14. MOVEIWIENf IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in fvnds, included in the above are as follows.. Incoming r¢sources Resources expended Gains and losses Movmient in ndS UDrestYieted funds General fimd 1,035,403 (1,688,671) (653,268) Endowment funds Expendable endowment 1,494,485 (8,742) (321.916) 1,163,827 TOTAL FUNDS 2,529,888 (1.697,413) (321,916) 510,559 The Generdl Fund represents the free fjjnds of the charity. The endowment fund. which is ¢xpendabl¢, represents unspent endowrnents given lo the charity to provide a apital b&8e to generate an income whi¢h can then be applied to provid¢ to other charitable instithtions. TRANSFERS BETWEEN FUNDS A transfer is made from the expendable endowment fund to the general fund to make good the net outgoing re50ur¢es on the unrestricted fimds. 15. RELATED PARTY DISCLOSURES During the year under r¢view the Charity received gifts from 2 tsvstees amounting to £994,485 (2023.. 2 tsustees - £400,000). During the year the Charity made grants of £250,000 (2023.. £250,000) to The Royal National Iheatre, a charity in which Sir D M Buffmi is also a Trustee. The Charity also made grants during the year of £74,000 (2023: £Nil) to the English National Ballel a charity in which Lady Bulfmi is also a Trustee. 16. RECONCILIATION OF NET INCOMEI(IXPENDITURE) TO NET CASH FLOW FROM OPERATING AcfNITIES 5.424 5.4.23 Net incomel(expenditure) for the reporting period (4$ per the ststemellt of Fillalleial Activities) Adjustments for: (Gainylosses on investments Interest received Dividends received Income attributable to endowment Expenditure attributable to endowment Incre8se in debtors In¢reasel{de¢re&se) in ¢reditors 1,112,038 (601,479) (533217) (14,471) (519,041) (994,485) 4J22 (4,695) 2,600 855,133 {3,897) (497,994) (500,000) 4,420 {3,056) (1,117) Net easb used in operations (946,949) (747,990) Page 19 ontinued...
The Buffini Chao Foundation Notes to the Fin#lleial Statements- continued for the Year Ended 5 April 2024 17. ANALYSIS OF CHANGES IN NET FUNDS At6.4.23 Cash flow At 5.4.24 Net CAsh Cash at bank 631242 (324,011) 307,231 631,242 (324,011) 307231 Total 631242 (324,011) 307231 Page 20