REGISTERED CHARITY NUMBER: 1111022
Report of the Trustees and
Financial Statements for the Year Ended 5 April 2025
for The Buffini Chao Foundation
The Buffini Chao Foundation
Contents of the Financial Statements for the Year Ended S April 2025
| Page | ||
|---|---|---|
| Report of the Trustees | to4 | |
| Report of the Independent Auditors | 5 | 5 to7 |
| Statement of Financial Activities | 8 | |
| Balance Sheet | 9 | |
| Cash Flow Statement | 10 | |
| Notes to the Financial Statements | 11 | 11 to20 |
The Buffini Chao Foundation
Report of the Trustees for the Year Ended 5 April 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES Objectives and aims
The charities supported by the Foundation continue to be those that create learning and well-being opportunities for young people from disadvantaged backgrounds. Those opportunities are created through academic education ( ranging from regular weekly extra reading support for primary school children to supporting those student who are the first in their family to go to university), the arts (whether it be the opportunity to experience live theatre for the first time or to receive specialised: performing arts training) , sport (cricket and surfing) , health (by encouraging primary school children to eat healthily) or cultural enrichment (visiting the Young V & A); the aim is to provide those young people with self-confidence and purpose so that they can fulfil their potential. The trustees continue to be amazed at all the hard work that goes on at grass roots level and the dedication and commitment of those working on the ground. The trustees are also very mindful of climate change and the importance of preserving biodiversity before it is lost forever. With this in mind, the Foundation has commenced this financial year to allocate more funding for various conservation projects within the UK and abroad.
The Foundation has been pleased to provide support for this financial year in the total amount of £712,720 spread at different levels across a total of 27 charities:
Academic intervention: Into University Manchester Metropolitan University Schoolreaders Springboard Foundation
Intervention through arts (music, dance and drama): Bush Theatre English National Ballet Go Live Theatre Projects London Children's Ballet Lyric Theatre, Hammersmith Primary Robins Royal Academy of Dance Royal Ballet School Royal Northern College of Music Unicorn Theatre Young Organ Scholar Trust
Intervention through sport: Chance to Shine Surf Cerrito Wave Project
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The Buffini Chao Foundation
Report of the Trustees for the Year Ended 5 April 2025
OBJECTIVES AND ACTIVITIES Significant activities Health/Enrichment/Community : Chefs in Schools Somerset House Trust Street Child Young V & A.
Conservation: Fauna & Flora Marine Conservation RHS Garden. Wisley Royal Botanical Gardens, Kew Whitley Fund for Nature
For more information on charities being presently supported , refer to the website www.buffinichao.com
Public benefit
The trustees confirm 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. The trust complies with its public benefit responsibilities by making grants to charitable institutions large and small in support of its stated objectives and aims and where the trustees can follow up and get a feel for effect the grant has had.
Grant making
The trustees made grants to institutions in the year amounting to £712,720 (2024: £835,710). A detailed breakdown of the grants paid are included in the notes to the financial statements.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The charity is proactive in making grants to worthy causes.
Fundraising activities
The trust is funded principally by gifts from the founder. Additionally income generated from investing the funds are used to further the charity's objectives,
FINANCIAL REVIEW
Principal funding sources
The principal source of funds is investment income generated from the trust's substantial investment base and gifts from the trustees.
Investment policy and objectives
:
The charity's investment managers are Schroders and Co Ltd and they are instructed to manage the long-term assets of the charity through diversified global multi - asset portfolios with an increasing focus on ‘sustainability’. The trustees review their investment strategy annually and this is reflected in the Trustee Investment Policy Statement agreed with the managers. In order to maintain a prudent and responsible investment policy and in view of the volatility in the investment markets the charity keeps cash reserves sufficient to cover grant-making for a period of at least six months.
Reserves policy
The trustees balance grants paid with investment income generated and to maintain the capital base to generate a steady income stream. Applications for grants are considered on a regular basis and the trustees decide on awards where the criteria meet the objectives of the trust. The trustee's assessment of required reserves has remained £10,000,000 during the year under review, as grants made continue to exceed investment income and this will continue to be reassessed on a regular basis.
At the end of the year the trust's liquid assets had risen to £1,355,797. Quoted investments with a market value of £14,306,305 were held at the balance sheet date.
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The Buffini Chao Foundation
Report of the Trustees for the Year Ended 5 April 2025
FUTURE PLANS
The trustees intend to maintain the current level of funding to fulfil the charity's mission and objectives. The charity will review grant applications at their quarterly trustee meeting and decide which organisations to support.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Trust is an unincorporated trust, constituted under a trust deed dated 11 May 2005 and is a registered charity. The Charitable trust which was established by an initial gift from Sir D. M. Buffini has as its objectives for such charitable purposes as the trustees in their absolute discretion think fit.
Recruitment and appointment of new trustees
Lady Buffini and Sir D M Buffini are trustees for life.
Mrs M G Hindmarsh and Mrs S J Gutierrez were reappointed on 24 April 2025 for a further 2 years.
Mrs Karen Platt appointed on 5 December 2022 for a term of 4 years.
Trustees will be appointed by the existing trustees and retiring trustees maybe re-elected.
Organisational structure The trust is managed by the trustees who meet regularly to agree the consideration of grant making, investment, reserves and risk management policies and performance.
Induction 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 trust deed and a copy of the latest annual report and accounts.
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 procedures to manage those risks. The trustees consider the variability of investment returns on the endowment fund to constitute the charity's major risk
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1111022
Principal address PO Box 1427 Northampton NN1 9FP
Trustees
Sir D M Buffini Lady Buffini Mrs M G Hindmarsh Mrs S J Gutierrez Mrs K Platt
Auditors Ward Williams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN
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The Buffini Chao Foundation
Report of the Trustees for the Year Ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Investment Advisers
Schroder & Co. Limited
1 London Wall Place London EC2Y 5AU
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with 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".
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. 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 board of trustees on DS Recembes 20 Wand signed on its behalf by:
Lady Buffini - Trustee
Page 4
Report of the Independent Auditors to the Trustees of The Buffini Chao Foundation
Opinion
We have audited the financial statements of The Buffini Chao Foundation (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial 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:
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give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
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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’; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 5
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Report of the Independent Auditors to the Trustees of The Buffini Chao Foundation
Responsibilities of trustees As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
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 reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We determined that the following were most significant: the Charities Act 2011.
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We obtained an understanding of how the charity is complying with those legal and regulatory frameworks by making inquiries of the management of the charity. We corroborated our inquiries through our review of correspondence during our audit work.
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We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:
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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;
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challenging assumptions and judgements made by management in its significant accounting estimates;
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identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of The Buffini Chao Foundation
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for ourLd for this report, or for the opinions we have formed.
Ward Williams Belgrave House 39-43 Monument Hill Weybridge Surrey KT13 8RN
Page 7
The Buffini Chao Foundation
Statement of Financial Activities for the Year Ended 5 April 2025
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|5.4.25|5.4.24|
|Unrestricted|§ Endowment|Total|Total|
|fund|fund|funds|funds|
|Notes|£|£|£|£|
|INCOME|AND ENDOWMENTS|FROM|
|Donations|and|legacies|2|-|2,249,889|2,249,889|994,485|
|Investment income|3|573,854|-|573,854|533,512|
|Total|573,854|2,249,889|2,823,743|1,527,997|
|EXPENDITURE|ON|
|Raising|funds|4|-|5,371|5,371|4,322|
|Charitable|activities|5|
|General|charitable|activities|$22,374|-|822,374|944,854|
|Total|822,374|§,371|827,745|949,176|
|Net|gains|on|investments|-|91,800|91,860|$33,217|
|NET|INCOME/(EXPENDITURE)|(248,520)|2,336,318|2,087,798|1,112,038|
|Transfers|between|funds|14|248,520|(248,520)|-|-|
|Net|movement|in|funds|-|2,087,798|2,087,798|1,112,038|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|-|13,574,304|13,574,304|12,462,266|
|TOTAL|FUNDS CARRIED FORWARD|-|15,662,102|15,662,102|13,574,304|
----- End of picture text -----
The notes form part of these financial statements
Page 8
The Buffini Chao Foundation
Balance Sheet 5 April 2025
| 5.4.25 | 5.4.24 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 11 | - | 14,306,305 | 14,306,305 | 13,270,622 |
| CURRENT ASSETS | |||||
| Debtors | 12 | 945 | - | 945 | 7,751 |
| Cash atbank | 11,855 | 1,357,097 | 1,368,952 | 307,231 | |
| 12,800 | 1,357,097 | 1,369,897 | 314,982 | ||
| CREDITORS | |||||
| Amounts falling due withinoneyear | 13 | (12,800) | (1,300) | (14,100) | (11,300) |
| NETCURRENTASSETS | - | 1,355,797 | 1,355,797 | 303,682 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | - | 15,662,102 | 15,662,102 | 13,574,304 | |
| NETASSETS | - | 15,662,102 | 15,662,102 | 13,574,304 | |
| FUNDS | 14 | ||||
| Endowment funds | 15,662,102 | 13,574,304 | |||
| TOTALFUNDS | 15,662,102 | 13,574,304 |
The financial statements were approved by the Board of Trustees and authorised for issue on BZ Neceree..72O2L... and were signed on its behalf by:
LadyBuffini-Tmstes
The notes form part of these financial statements
Page 9
The Buffini Chao Foundation
Cash Flow Statement for the Year Ended 5 April 2025
| 5.4.25 | 5.4.24 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 16 | (812,768) | (946,949) |
| Net cash used in operating activities | (812,768) | (946,949) | |
| Cash flowsfrominvesting activities | |||
| Purchase offixed asset investments | (4,112,389) | (994,485) | |
| Sale offixed asset investments | 3,168,506 | 93,748 | |
| Interestreceived | 9,676 | 14,471 | |
| Dividends received | 564,178 | 519,041 | |
| Net cashusedin investing activities | (370,029) | (367,225) | |
| Cash flows from financing activities | |||
| Income attributable to endowment | 2,249,889 | 994,485 | |
| Expenditure attributable to endowment | (5,371) | (4,322) | |
| Net cashprovidedby financing activities | 2,244,518 | 990,163 | |
| Change in cash and cash equivalents in | |||
| the reportingperiod | 1,061,721 | (324,011) | |
| Cash and cash equivalents at the | |||
| beginning ofthe reporting period | 307,231 | 631,242 | |
| Cash and cash equivalents at the end of | |||
| thereportingperiod | 1,368,952 | 307,231 |
The notes form part of these financial statements
Page 10
- ACCOUNTING POLICIES
The Buffini Chao Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity 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) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive 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. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate 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 been met at the year end date are noted as a commitment but not accrued as expenditure.
ALLOCATION AND APPORTIONMENT OF COSTS
Resources expended are allocated directly to the fund to which they relate.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The endowment fund is restricted in that the funds were gifted to provide a capital base in order to generate an income from which to make grants 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 credited/charged to the fund. Investment management costs are charged to the Endowment funds.
FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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continued...
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- ACCOUNTING POLICIES - continued
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The Buffini Chao Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
INVESTMENTS
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains or losses arising in the year whether from revaluations or disposals.
| 2: | DONATIONS AND LEGACIES | |||
|---|---|---|---|---|
| §.4.25 | 5.4.24 | |||
| = | £ | |||
| Gifts | 1,956,389 | 994,485 | ||
| Gift aid | 293,500 | - | ||
| 2,249,889 | 994,485 | |||
| 3. | INVESTMENTINCOME | |||
| Investment income comprises: | ||||
| 5.4.25 | 5.4.24 | |||
| £ | £ | |||
| Interest received onUK investments | 9,383 | 14,471 | ||
| UK Dividends | 564,178 | 517,949 | ||
| Interest received on overseas investments | 293 | 1,092 | ||
| 573,854 | 533,512 | |||
| 4, | RAISING FUNDS | |||
| INVESTMENT MANAGEMENTCOSTS | ||||
| 5.4.25 | 5.4.24 | |||
| £ | £ | |||
| Portfolio management | 5,371 | 4,322 | ||
| 5. | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (see note | costs (see | |||
| 6) | note 7) | Totals | ||
| £ | £ | £ | ||
| Generalcharitableactivities | 712,720 | 109,654 | 822,374 |
Page 12
continued...
The Buffini Chao Foundation
- GRANTS PAYABLE
Notes to the Financia] Statements - continued for the Year Ended 5 April 2025
| GRANTS PAYABLE | ||
|---|---|---|
| 5.4.25 | 5.4.24 | |
| £ | £ | |
| General charitable activities | 712,720 | 835,710 |
| The total grantspaid to institutions during the yearwas as follows: | ||
| 5.4.25 | 5.4.24 | |
| £ | £ | |
| Bush Theatre Company | 15,000 | - |
| Chance to Shine | 25,400 | - |
| Chefs in Schools | 20,000 | - |
| Children Today Charitable Trust | - | 15,000 |
| Community Foundation for Surrey | - | 30,000 |
| English National Ballet | 74,000 | 74,000 |
| Fauna& Flora | 25,000 | - |
| First Give | - | 26,250 |
| Football Beyond Borders | - | 25,000 |
| Foundationand Friends ofthe Royal Botanic GardensKew | 25,000 | 25,000 |
| Go LiveTheatre Projects | 25,000 | - |
| HeadlongTheatre Limited | - | 10,140 |
| Into University | 40,000 | 40,000 |
| Kent AcademiesNetwork | - | 25,000 |
| London Children's Ballet | 23,500 | - |
| Lyric Theatre Hammersmith Limited | 5,000 | - |
| Manchester Metropolitan University | 26,000 | - |
| Marine Conservation | 25,000 | - |
| Music Masters | - | 18,000 |
| PrimaryRobins | 30,000 | - |
| Quentin Blake Centre for Illustration | - | 5,000 |
| RHS Garden Wisley | 24,500 | - |
| Royal Academy ofDance | 10,000 | 10,000 |
| Royal Ballet School | 25,000 | 25,000 |
| Royal National Theatre -NT Connections, News Views and Let's Play |
||
| programmes | - | 250,000 |
| Royal Northern CollegeofMusic | 20,000 | - |
| Schoolreaders | 25,000 | - |
| Soil Association | - | 12,320 |
| Somerset House Trust | 3,000 | - |
| Springboard Foundation | 30,000 | 30,000 |
| Street Child | 30,000 | - |
| SurfCerrito | 5,000 | - |
| UnicornTheatre | 16,320 | 10,000 |
| Untold Creative Training | - | 50,000 |
| Victoriaand Albert Museum | 125,000 | 125,000 |
| Wave Project | 10,000 | - |
| Whitely Fund forNature | 25,000 | - |
| World Heart Beat Music Academy | - | 25,000 |
| Young OrganScholars' Trust | 5,000 | - |
| Young Enterprise | - | 5,000 |
| 712,720 | 835,710 |
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continued...
The Buffini Chao Foundation
| Notes to the Financial | Statements - continued | Statements - continued | |||
|---|---|---|---|---|---|
| for the Year Ended 5 April 2025 | |||||
| he | SUPPORT COSTS | ||||
| Governance | |||||
| Management | Finance | costs | Totals | ||
| £ | £ | £ | £ | ||
| General charitable activities | 96,314 | 156 | 13,184 | 109,654 | |
| Support costs, included in the above, are as follows: | |||||
| MANAGEMENT | |||||
| 5.4.25 | 5.4.24 | ||||
| General | |||||
| charitable | Total | ||||
| activities | activities | ||||
| £ | £ | ||||
| Wages | 83,195 | 82,307 | |||
| Social security | §,331 | 5,216 | |||
| Pensions | 1,418 | 1,418 | |||
| Website costs | 230 | 858 | |||
| Postage and stationery | 380 | 330 | |||
| Travel and subsistence | 1,242 | 245 | |||
| IT Support | 4,518 | 4,482 | |||
| 96,314 | 94,856 | ||||
| FINANCE | |||||
| 5.4.25 | 5.4.24 | ||||
| General | |||||
| charitable | Total | ||||
| activities | activities | ||||
| £ | £ | ||||
| Bank charges | 156 | 74 | |||
| GOVERNANCE COSTS | |||||
| 5.4.25 | 5.4.24 | ||||
| General | |||||
| charitable | Total | ||||
| activities | activities | ||||
| £ | £ | ||||
| Auditors' remuneration | 8,700 | 6,660 | |||
| Professional fees | 4,484 | 7,554 | |||
| 13,184 | 14,214 |
continued...
Page 14
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TRUSTEES' REMUNERATION AND BENEFITS
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STAFF COSTS
The Buffini Chao Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
TRUSTEES' EXPENSES
An amount of £1,043 (2024: £59) was re-imbursed to 2 (2024: 1) Trustees for expenses made on behalf of the Charity.
| 9. | STAFF COSTS | |||
|---|---|---|---|---|
| §.4.25 | 5.4.24 | |||
| £ | £ | |||
| Wages and salaries | 83,195 | 82,307 | ||
| Social security costs | §,331 | 5,216 | ||
| Other pension costs | 1,418 | 1,418 | ||
| 89,944 | 88,941 | |||
| The average monthlynumber ofemployees duringthe yearwas | as follows: | |||
| 5.4.25 | 5.4.24 | |||
| Administration | 3 | 2 | ||
| No employees received emoluments in excess of£60,000. | ||||
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted fund |
§Endowment fund |
Total funds |
||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | - | 994,485 | 994,485 | |
| Investmentincome | 533,512 | - | 533,512 | |
| Total | 533,512 | 994,485 | 1,527,997 | |
| EXPENDITURE ON | ||||
| Raising funds | - | 4,322 | 4,322 | |
| Charitable activities | ||||
| General charitable activities | 944,854 | - | 944,854 | |
| Total | 944,854 | 4,322 | 949,176 | |
| Net gains on investments | - | 533,217 | 533,217 | |
| NET INCOME/(EXPENDITURE) | (411,342) | 1,523,380 | 1,112,038 | |
| Transfers between funds | 411,342 | (411,342) | - | |
| Netmovementinfunds | - | 1,112,038 | 1,112,038 |
Page 15
continued...
The Buffini Chao Foundation
| Notes | to the Financial Statements - continued | to the Financial Statements - continued | |||||
|---|---|---|---|---|---|---|---|
| forthe Year Ended 5 April 2025 | |||||||
| 10. | COMPARATIVES | FORTHE STATEMENT OF FINANCIAL ACTIVITIES | - continued | ||||
| Unrestricted fund cs |
Endowment fund £ |
||||||
| RECONCILIATION OFFUNDS | |||||||
| Total fundsbrought forward | - | 12,462,266 | 12,462,266 | ||||
| TOTALFUNDS CARRIED FORWARD | - | 13,574,304 | 13,574,304 | ||||
| 11. | FIXED ASSET INVESTMENTS | ||||||
| Listed | |||||||
| investments | |||||||
| £ | |||||||
| MARKETVALUE | |||||||
| At 6 April 2024 | 14,205,689 | ||||||
| Additions | 4,112,389 | ||||||
| Disposals | (2,150,130) | ||||||
| At 5 April 2025 | 16,167,948 | ||||||
| PROVISIONS | |||||||
| At6 April 2024 | 935,067 | ||||||
| Revaluation adjustments | 926,576 | ||||||
| At 5 April 2025 | 1,861,643 | ||||||
| NET BOOKVALUE | |||||||
| At 5 April 2025 | 14,306,305 | ||||||
| At 5 April 2024 | 13,270,622 | ||||||
| Investments at marketvalue | comprise:- | 5.4.25 | 5.4.24 | ||||
| £ | £ | ||||||
| Bonds | - | 899,985 | |||||
| Multiple Asset Class | 14,306,305 | 12,370,637 | |||||
| 14,306,305 | 13,270,622 | ||||||
| Cost orvaluation at | 5 April | 2025 is representedby: | |||||
| Listed | |||||||
| investments | |||||||
| £ | |||||||
| Cost | 16,167,948 |
Page 16
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The Buffini Chao Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|12.|DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE YEAR|
|5.4.25|5.4.24|
|£|£|
|Other|debtors|945|7,751|
|13.|CREDITORS:|AMOUNTS|FALLING DUE|WITHIN|ONE|YEAR|
|5.4.25|5.4.24|
|£|£|
|Accrued|expenses|14,100|11,300|
|14,|MOVEMENT|IN|FUNDS|
|Net|Transfers|
|movement|between|At|
|At 6.4.24|in|funds|funds|5.4.25|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|-|(248,520)|248,520|-|
|Endowment|funds|
|Expendable|endowment|
|13,574,304|2,336,318|(248,520)|15,662,102|
|TOTAL|FUNDS|13,574,304|2,087,798|-|15,662,102|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|if|
|Unrestricted|funds|
|General|fund|573,854|(822,374)|-|(248,520)|
|Endowment|funds|
|Expendable|endowment|
|2,249,889|(5,371)|91,800|2,336,318|
|TOTAL FUNDS|2,823,743|(827,745)|91,800|2,087,798|
----- End of picture text -----
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continued...
The Buffini Chao Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
- MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|6.4.23|in|funds|funds|5.4.24|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|-|(411,342)|411,342|-|
|Endowment|funds|
|Expendable endowment|
|12,462,266|1,523,380|(411,342)|=|13,574,304|
|TOTAL|FUNDS|12,462,266|1,112,038|-|13,574,304|
|Comparative|net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|8|£|£|ro|
|Unrestricted|funds|
|General|fund|533,512|(944,854)|-|(411,342)|
|Endowment|funds|
|Expendable|endowment|
|994,485|(4,322)|533,217|1,523,380|
|TOTAL FUNDS|1,527,997|(949,176)|Soo.2L7|1,112,038|
|A|current|year|12|months|and|prior year|12|months|combined|position|is|as|follows:|
|Net|Transfers|
|movement|between|At|
|At|6.4.23|in|funds|funds|5.4.25|
|sy|£|£|£|
|Unrestricted|funds|
|General|fund|-|(659,862)|659,862|-|
|Endowment|funds|
|Expendable|endowment|
|12,462,266|3,859,698|(659,862)|15,662,102|
|TOTAL FUNDS|12,462,266|3,199,836|-|15,662,102|
----- End of picture text -----
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|
The Buffini Chao Foundation
Notes to the Financial Statements - continued
for the Year Ended 5 April 2025
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|1,107,366|(1,767,228)|-|(659,862)|
|Endowment|funds|
|Expendable|endowment|
|3,244,374|(9,693)|625,017|3,859,698|
|TOTAL FUNDS|4,351,740|(1,776,921)|625,017|3,199,836|
----- End of picture text -----
The General Fund represents the free funds of the charity.
The endowment fund, which is expendable, represents unspent endowments given to the charity to provide a capital base to generate an income which can then be applied to provide grants to other charitable institutions.
TRANSFERS BETWEEN FUNDS
A transfer is made from the expendable endowment fund to the general fund to make good the net outgoing resources on the unrestricted funds.
- RELATED PARTY DISCLOSURES During the year under review the Charity received gifts from 2 trustees amounting to £1,956,389 (2024: 2 trustees - £994,485).
During the year the Charity made grants of £Nil (2024: £250,000) to The Royal National theatre, a charity in which Sir D M Buffini is a Trustee. The Charity also made grants during the year of £74,000 (2024: £74,000) to the English National Ballet and £125,000 (2024: £125,000) to the V & A Foundation charities in which Lady Buffini is a Trustee.
- RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|5.4.25|5.4.24|
|£|£|
|Net income for|the|reporting|period|(as|per the|Statement|of Financial|
|Activities)|2,087,798|1,112,038|
|Adjustments|for:|
|Gain|on|investments|(91,800)|(533,217)|
|Interest received|(9,676)|(14,471)|
|Dividends|received|(564,178)|(519,041)|
|Income|attributable|to|endowment|(2,249,889)|(994,485)|
|Expenditure|attributable|to|endowment|5,371|4,322|
|Decrease/(increase)|in debtors|6,806|(4,695)|
|Increase|in|creditors|2,800|2,600|
|Net|cash|used|in|operations|(812,768)|(946,949)|
----- End of picture text -----
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The Buffini Chao Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
- ANALYSIS OF CHANGES IN NET FUNDS
| At 6.4.24 | Cash flow | At 5.4.25 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 307,231 | 1,061,721 | 1,368,952 |
| 307,231 | 1,061,721 | 1,368,952 | |
| Total | 307,231 | 1,061,721 | 1,368,952 |
Page 20