Charity registratlon number 1117270 RuFFor REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE RUFFORD FOUNDATION CONTENTS Page REPORT OF THE TRUSTEES INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure) 15-16 BALANCE SHEET 17 STATEMENT OF CASH FLOWS 18 NOTES TO THE FINANCIAL STATEMENTS 19-61
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are pleased to submit their report together with the audited financial staternents for The Rufford Foundation (also referred to as Yhe Charity" or °TrusV or "Foundation. or 'Rufford°) for the year ended 5 April 2024. The financial statements comply with the Charities Act 2011, and where relevant. Ihe Charities Act 2022, the Charity's trust deed dated 15 November 2006 as revised in 2013 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iieland - SORP {FRS 102) (issued in October 2019). REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, ITS TRUSTEES AND ADVISERS Settler= J H Laing Trustees: The Trustees serving during the year and sin the year end were as follows.. E S Brunwin H B Edwards J H Laing (Chairman) R K Reilly (Vice Chairman) (retired 13 December 2023) I Smalles T Kenny Chief Executlve Officer: Stuart Paterson Website: NM.rufford.org Charity registratlon number: 1117270 Princlpal address: 6th Floor 250 Tottenham Court Road London W1T7QZ Bankers: Clydesdale Bank PIC 30 St Vincent Place Glasgow G12HL Auditor: Rawlinson & Hunter Audit LLP Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Investment advisers: Evelyn Partners Investment Management Services Limited 45 Gresham Street London EC2V 7BG Investment custodians: SG Kleinwort Hambros Bank {Channel Islands) Limited St Julian's Avenue st Peter Port Guernsey GY13AE Solicitors: Harbottle and Lewis LLP 7 Savoy Court London WC2R OEX
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is an unincorporated charity estsblished by deed of trust dated 15 November 2006 (the'Trust Deed"). Appointment of Trustees The power to appoint Trustees is vested in the Chairman of the Trust, J H Laing. Trustee induction and trainlng New Trustees undergo an orientation day to brief them on their legal obligations under Charity Law, the decision-making processes, the business plan and recent performance of the Charity. During the induction day, they meet key employees and other Trustees. Trustees, the Chief Executive Officer ("CEO") and the Grants Manager are encouraged to attend appropriate external training events where Ihese will facilitate the undertaking of their role. Organisatlon In this reporting year, the Foundation was administered by fNe full-time members of staff, the CEO (Stuart Paterson), Grants Manager (Simon Mickleburgh), Grants OffIr (Mariam Weston) and Administrators (Jane Raymond and Lisa Rogers). The CEO reports to the Chairman. J H Laing, on a regular basis. The Trustees formally meet a minimum of twice a year but individual Trustees also maintsin regular contact with the Charily staff. Related parties None of the Trustees receive remuneration or other benefit from their work with the Charity. The Charty receNed computer services at a favourable price from Simplicat, in which the Trustee H B Edwards is beneficially interested. Any work undertaken by Simplicat for the Charity is approved by the other Trustees prior to its commencement and any invoice being paid. The Charty received digitsl design services from Olivia Smailes, daughter of Trustee lain Smailes. Any work undertaken by Olivia Smalles for the Charity is approved by the other Trustees prioi to its commencement and any invoice being paid. Transactions with related parties are disclosed in Note 15 lo the financial statements.
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (continued) Pay policy for senior stsff The Trustees consider they. together with the CEO, comprise the key management personnel of the Charity who are in charge of directing and controlling, running and operating the Charity on a day-to4lay basis. All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees, expenses and related party transactions are disclosed in the notes to the financial slatements. The pay of the staff is reviewed annually and normally increased in accordance with inflation data as at the end of September each year. Governance and risk management The Trustees have a risk management strategy, including a regularly updated Risk Assessment which is formally approved annually by the Trustees and which comprises: a regular review of the risks the Charity may face., the establishment of systems and procedures to mitigate those risks identified in the plan,. and the implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise. Particular attention has focused on risks in respect of assets and income, grant-making processes, people and technology. A key element in the management of financial risk is its regular review by the Trust*s. The Trustees have given consideration to the main risks to which the Charity is exposed and are satisfied that systems and procedures are in place to manage these risks. In addition, the Trustees have taken due consideration of Good Govemance - A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are: Organisational purpose. Leadership. Integrity., Decision-making, risk and control. Board effectiveness" Equality, diversity and inclusion; and Openness and accessibility. The Trustees recognise that good governance plays an essential part in securing the future of the Charity and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Charty. Grant-making policy The four main areas of giving are The Rufford Small Grants Programme, Organisational Grants, Learning Events and Conferences, and General Grants. The Rufford Small Grants Programme The RLfftord Small Grants Programme provides funding to early career conservationists, mostly in emerging markets or developing economies. Typically, the grants focus on supporting Msc or PhD students or those who have graduated within the past three years. We also consider other applicants if the project fits our main objectives. Funding is a staged process. In line with our strategy, and following consultalion with our grantees, conser4ation professionals, other donors and reviewers of Rufford Small Grant applications, we have revised and streamlined our online application process.
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 6 APRIL 2024 (continued) The Rufford Small Grants Programme Icontinued) Applications are completed online and are reviewed once thr independent references have been received. Applications are assessed initially by the Charty's staff and, if deemed suitable for independent evaluation, they are referred to Fauna & Flora which allocates reviewers as appropriate. The reviewers have appropriate expertise to make a recommendation. The final decision on all grants lies with the Trustees of the Chaity. Grants are awarded on a rolling basis but only one grant is made per applicant per year. Grants are only continued where the applicant is able to report clear progress that satisfies the Grants Officer, Grants Manager and CEO. Successful grantees are encouraged to apply for further support following completion of projects provided they meet the eligibilty criteria. In this financial year there were five stages of Rufford Small Grants (RSG). In future, there will be four stages as described below. 1" RSG and 2nd RSG These are aimed at small conservation programmes and pilot projects. Both these grants are available to individuals and small groups. Having successfully completed a 11t RSG of up to £7,000, applicants can apply for a 2nd RSG of up to £8,000. Booster Grants Having sucSsfUllY completed a 2nd RSG, applicants can apply for a Booster Grant of up to £12,000. At this stsge applicants are encouraged to seek funding from addrtional sources. Com letion Grants Having successfully completed a Booster Grant, applicants can apply for a Completion Grant of up to £18,000. At this stage applicants are expected to have significant funding from additional sources. These grants should provide a final boost to applicants who have already been supported through previous grants and enable them to then apply for support from other major funders. Once an applicant has received a Completion Grant they are not eligible for any further funding through The Rufford Small Grants Programme. The Charity's aim is to encourage more former grantees to apply for the next level of funding and, whilst no Completion Grants were awarded this year, 48 Booster Grants were awarded worth £474,928. These have enabled grantees to conlinue and scale up on their previous projects. Booster Grant case study: In 2023, Sylviane Volampeno received a Booster for her project entitled 'Stop the Increase of Lemurs, Threats Induced by Cov119.. This project aims to directly reduce increasing pressures on lemur species and their forest habitat by reinforcing forest patrolling, improving the local communities, living conditions. promoting a better health and raising the local communities, awareness about the importance of the protection of the endemic biodiversty. 2. Organisational Grants Small. local NGOS often struggle to find core support {such as salaries, Offi costs or help with strategic planning) to ensure their long-tefm viability. Organisational Grants are designed to provide that support with grants of up to £25,000 a year for a 3-year period. Applications are by invitation only and focus on organisations set up by. or linked to, Rufford grantees. In 2023-24, one organisation, Ecoexist Trusl in Botswana. received an Organisational Grant. 3. Learnlng Events and Conferences Learning Events are a development of Rufford Conferences that began in 2012. They are tsrgeted at Rufford grantees and provide training as well as an opportunity to build neOrkS. Learning Events are organised by a local contacl with support and funding from the Rufford office. Prior to each event, a questionnaire is circulated asking for suggestions about what kind of training would be beneficial. Suitsble
THE RUFFORD FOUNDATION REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (contlnued) trainers are then sourced locally. Learning Events are usually in a local language. The Grants Officer provides support throughout the process and attends each event. Reports are posted on the Foundation's website. In 2023-24. Learning Events were held in Brazil- Amazonas (17 grantees), Brazil - Caatinga (19 grantees), Namibia (16 grantees) and Mexico (17 grantees). Topics covered during these Learning Events included communications, community-based conservation, fundraising, women in conservation, Key Biodiversity Area assessments. human-wildlife conflict and project design. In Namibia, the Foundation also co-funded an IUCN Red List Assessment Training Workshop attended by 28 people. During this workshop, 26 Red List assessments were started, focusing on bats in Africa that had not previously been assessed. The Charity provides funding for COnferenS worldwide, which goes towards event hosting and travel costs for attendees. Funding helps increase the profile of the Charty and encourages more people to apply for Rufford Small Grants. In 2023-24, the Charty provided sponsorship for the Society for Conservation Biology's International Marine Conservation Congress, South Africa, the New Directions in Conservation Leadership Symposium, UK, and the Birdscaribbean Conference 2024 in the Dominican Republic. The Charity also had thiee staff at the International Congress for Conservation Biology {ICCB) in Kigali, Rwanda. ICCB case study: ICCB is a major biennial event for conservationists. The Foundation is sole funder of the ICCB app which enables the oiganisers to be more sustsinable. The app was used by over 1,200 attendees from 91 countries. During the event the Charity co-hosled a networking evenl with V¥lhitley Fund for Nature, Conservation Leadership Programme, WildLabs and WWF Education for Nature attended by over 100 people. The Charity also co-delivered training workshops on fundraising and project sustainability- General Grants Grants are made, generally to small or medium-sized organisations, for nature conseNation projects, predominantly in developing countries. Details of these grants are given in Note 20. As part of the Strategic Review 2023-26, the Trustees agreed to taper down General Grants to organisations. By financial year 2025-26, the only organisations that the Trustees plan to support through General Grants will be Fauna & Flora, Whitley Fund for Nature (WFN) and Zoological Society of London (ZSL). These organisations have strong links to the Foundation's work" Fauna & Flora are the external reviewers for Rufford Small Grant applications; WFN applicants and winners frequently have had Ruffoid support" and ZSL is involved in the IUCN Red List, a key element in the Foundation's reviewing process for Rufford Small Grants. IPJFN case study: During more than two decades of working together, The Foundation has granted over £1.3 million to support the work of VVFN. Beyond funding, the Charity also plays an important role in supporting early-career conservationists who, through Rufford Small Grants. hone the neSSary skills to apply for larger grants such as the annual INhitley Awards. This year proved to be an exceptional one for demonstrating the relationship between the Charity and WFN with four of the five Vvhitley Award winners having previously received Rufford funding. Grants of £10,000 and below Grants are made on an annual basis, some being strictly 'one-off . These grants are generally made at the discretion of the CEO, following a recommendation of the Grants Manager on Ihe basis of the written information receNed, which includes the latest annual report and accounts. These grants are reviewed and ratified by the Trustees at their next meeting.
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (continued) General Grants (contlnued) Grants of over £10,000 and up to £30,000 The procedure is as above, although a visit may be made or a meeting arranged in order to obtain additional details. All these grants are approved by at least one Trustee on the basis of a recommendation made by the CEO and Grants Manager. These grants are reviewed and ratified by the Trustees at their next meeting. Grants of over £30,000 INhere a grant of over £30.000 is contemplaled, if practical, the CEO, Grants Manager or a Trustee visit the organisation concerned prior to making a recommendation to the Trustees. Alternatively. an organisation may be invited to a Trustees, Meeting to make their proposal in person. Vthere appropriate, applications are also referred, for advice, to experts v¥ith whom the Charity has close links. None of these grants are made without the approval of J H Laing and a majorty of the remaining Trustees. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the Charity are lo use Ihe income to: Promote for the benefit of the public predominantly in countries other than those denoted by the Intemational Monetsry Fund as 'Advanced Economies,, the conservalion and protection of fauna and flora and the conservation, protection and improvement of the natural environment. Advance the education of the public in the conservation and protection of fauna and flora and the conservation, protection and improvement of Ihe natural environment including research into the same and Ihe dissemination of the useful resums of such research. The Trustees confirm that they have referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the granl-making policy for the year. The Charity carries out these objects by providing grants to finance the related projects. FINANCIAL REVIEW Reserves policy The resenies at the year end comprised the capital fund of £119,140,787 (2023 - £116,906,256) and income fund of £1,197,424 {2023- £759,206). The TrUStS have used the annual net income for grant-making and related support and governance costs. The Trustees intend to use up the entire annual net income for future years, although they do have power to accumulate income and capitalise it as an accretion to Ihe Trust during the period of 21 years from the date of the Trust Deed {15 November 2006). The Trustees have in the past determined that the capital fund is held in order that the Charty is able to generate income fr)r its future charitable expenditure and that the capital funds of the Charty will not generally be applied for its objectives and activities. However. the Trust Deed revised in 2013 allows up to 2 % of the capital fund per annum to be used for its objectives and activities.
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (continued) Fundraising The Trustees have referred to the Code of Fundraising Practice ('the Code.) which was developed by the fundraising community through the work of the Institute of Fundraising and Public Fundraising Association, and the Guidance on Charities and Fundraising issued by the Charity Commission ("CC20°). They confirm thatthe new Code and CC20 have no impact on the Charity as it does not engage in any public fundraising activities. Investment powers The Trustees. investment powers are unrestricted. Invesknent policy The Trustees. investment policy shall, unless the Trustees resolve otherwise for good reason, be to msJint?in the real capital value of the Charity, whilst at the same time achieving and maintaining a reasonable level of income for distribution in accordance with the objects of the Charity. The Trustees aim to have a portFolio of investments ranging from units in "The Diversified Property Fund for Charities" (00/0 - 200/0 of the total asset value), to fixed interest securities- non-index linked (200/0 - 45 % of the total asset value), fixed interest - index linked (Ook - 20 % of the total asset value). equities {350/0 - 65 % of total asset value) and cash (0 - 5 % of total asset value). Advice will be sought by the Truslees from Evelyn Partners Investment Management servIs Limited. if the asset allocation falls outside of these parameters. The Trustees have agreed in principle for a long-term period of investment. No direct investment may be made in any company that derives the majority of its income from airlines, alcohol, oil and gas exploration or production, mining, armaments, gambling or tobacco-related activities. Investment performance Markets rallied strongly at the end of 2023 in anticipation of a significant reduction in global interest rates in 2024. In the event, inflationary pressures have proven more resilient than hoped for and expectations for interest rate cuts have been pared back accordingly. Indeed, the UK and the US have only recently started the rate reduction process. Equity markets have continued to rise, however, as the global economy has performed somewhat better than expected. with consumers benefrting from rising real incomes while food and energy inflation has eased. Gains in the US stock market have been driven by investor enthusiasm for exposure to the potential benefits of artificial intelligence and it is noticeable that, while the S&P 500 index rose by 14 % in the first half of 2024, almost 60 % of the gain came from five technology companies with one - Nvidia- accounting for 310/0 of the markel rise. Fixed income investments have been more subdued. reflecting the failure of the hoped for interest cuts to materialise. Looking ahead, the global economic outlook remains reasonably positive although geopolitical COnrnS remain, notably in relation to the ongoing conflicts in Ukraine and Gaza. while the forthcoming US presidential election is a further source of uncertainty. The portfolio continues to meet its "Investmenl objective. of °Aiming to provide a mixture of income and capital growth.. The overall composition of the portfolio continues to be considered appropriate in light of the Trustees. aim .to maintain the real capital value of the Trust Fund, whilst at the same time achieving and maintaining a reasonable level of income for distribution... The portfolio remained invested in equities, corporate bonds and property (via units in the Diversrfied Propety Fund for Charities). The investments remained within the asset allocation bands agreed with
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (contlnued) Investment performance (continued) the Trustees and detailed annually in the Charitvs "Policy Statement for the investrnent of the Trust Fund" Over the financial year, the Charity's investments provided a positive total return of 5.02 % . During the same period, the ICE BofA UK Gilts All Stocks Index fell by 2.19 % , while the MSCI United Kingdom Net total return index increased by 7.310/0, both on a totsl return basis. Overall, the Trustees were satisfied with the portFolio's performance. HOW OUR OBJECTIVES AND ACTIVITIES DELIVERED PUBLIC BENEFIT: A REVIEW OF ACHIEVEMENTS AND PERFORMANCE The Trustees are pleased that the achievements and performance of the Charity, as set out below, demonstrate the continuing delivery of public benefit. The results for the year are set out on pages 15 and 16. This year a total of 319 (2023 - 337) grants were awarded. This reflects our strategy to reduce the number of General Grants funded. 2023-24 Total 2022-23 Totsl Type Rufford Small Grants Programme 1$t Rufford Small Grants 2nd Rufford Small Grants 1st Booster Grants 2 Booster Grants Completion Grants Conference and Learning Event Grants Organisational Grants Number Number 175 1,005,200 60 354,623 34 335.026 14 139,902 186 68 26 1,074,242 401,699 259,958 108,984 29,832 37,363 99.263 25,000 SUB-TOTAL General Grants 293 £1,959,014 26 £831,500 298 39 £1,912,078 £961,287 TOTAL 319 £2,790,514 337 £2.873,365 A complete breakdown of grants made during the year including the name, country, title of the project funded and amount is shown on pages 33 to 61. FUTURE PLANS The Foundation will continue to deliver its strategy which revolves around delivering the following strategic outcomes. Outcome 1 Grantees are conserving nature in emerging economy countries. Having launched our new Rufford Srnall Grants funding streams, we shall monrtor the uptake in applications and the implementation of our new online application form. Through outreach and communications, we shall encourage grantees to consider applying for next-stage grants. In 2024, four students from the MPhil in Conservation Leadership at the University of Cambridge completed a short consultancy entitled 'Understanding and Measuring The Conservation Impact of Small
THE RUFFO RD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 (contlnued) FUTURE PLANS (contlnued) Grants from a Local to a Global Scale.. Their findings have helped develop intemal knowledge of monitoring and evaluation, which will serve the Charity in the future. The Foundation plans to recruit a Monitoring, Evaluation & Leaming Officer who will help measure the impact of Rufford Small Grants. utilising findings from the aforementioned MPhil students, consultancy project. The Trustees, medium-term target (3-5 years) is to undeNirite grants of £3,000,000 per annum with ideally £2.000,000 per annum funded through The Rufford Small Grants Programme and £1.000.000 through General Grants. Organisational Grants, Learning Events and other funding opportunities. Momentum shall be gained in researching and approaching organisations for Organisational Grants in the next two years, with up to 12 Organisational Grants to be awarded in 2024-2025. Outcome 2 Grantees will have enhanced conservation capacities to work within the conservation related roles. Rufford Learning Events will enhance capacrty, create national networks, increase the number of follow up applications and build trusting relalionships between the Charity and grantees. Our target will be to fund and participate in at least three learning events each year. Staff at the Charity shall plan to deliver or attend workshops and networking events at conservation conferences in the UK and overseas. The Charty shall also consider sponsoring conservation conferences and m*tings, specifically to enable early-careei conservationists to travel to such events. Further to the successful delivery of Learning Events and workshops, we are planning fLrture events in Borneo and Nepal. Outcome 3 The Charity will collaborate with experts and institutions to achieve the ststed purpose. The Charity shall continue lo collaborate with conservation donors and capacity building initiatives that can prove beneficial to RLrfford grantees. The Charity plans to further enhance its expertise by bringing on board new Trustees with knowledge of conservation and environmentsl issues. Outcome 4 The Charity will continue to be an effective and responsible charity. The Charity will continue to ensure that funding is being used effective. Investments shall continue to be managed in line with the Charity's charitable objects.
THE RUFFORD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 (contlnued) TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Report of the Trustees and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charty for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities Statement of Recommended Practice 2019 (FRS make judgernents and estimates Ihat are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charty will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, and where relevant, the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan and integrity of Ihe Charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. AUDITOR A resolution will be proposed at the Trustees, Meeting that Rawlinson & Hunter Audit LLP be re-appointed as auditor to the Charity for the ensuing year. Approved by the Trustees and signed on their behalf by J H Laing Trustee Date". 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE RUFFORD FOUNDATION Oplnion We have audited the financial statements of The Rufford Foundation (Ihe Charity") for the year ended 5 April 2024 which comprise the Statement of Financial Activities (including Income and Expenditure), the Balance Sheet, the Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Charity's affairs as at 5 April 2024, and of its incoming resources and application of resources, including its income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordan with the requirements of the Charities Act 2011, and where relevant, the Charities Act 2022. Basls for opinlon We conducted our audit in accordan with International Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charty in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe thal the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statemenls 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 Ie1ve 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.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE RUFFORD FOUNDATION (continued) Other information The Trustees are responsible for the other infonnation. The other information comprises the information included in the Report of the TrUStS and Financial Ststements, other than the financial statements and our auditorfs report thereon. Our opinion on the financial ststements does not cover the other information and 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 course of 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 stalements 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 whlch we are requlred to report by exceptlon We have nothing to report in respect of the following Matters in relation to which the Charilies, (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the Financial statements; or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. Responsibilities Ststement set out on page 10, the Trustees are responsible for the preparation of financial statements and for being satisfied that they 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 abilty 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 Charty or to cease operations, or have no realistic alternative but to do so. 12
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE RUFFORD FOUNDATION (continued) Auditor's responsibilities for the audlt of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan with the Acl 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran. bul is not a guarantee that an audit conducted in accordan with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from traud 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. Irregularities, including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. Based on our understanding of the Charily and the charitable sector, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulations. We considered the extenl to which non-compliance might have a malerial effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, and where relevant, Charities Act 2022. We evaluated managemenl's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to inflate revenue of the Charity, and management bias in accounting estimates and judgemental areas of the financial statements, such as revenue recognilion and provisions. Audit procedures performed by us included: discussions with the Trustees and key management involved in the risk and compliance functions including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. the analytical review of the detailed Statement of Financial Activities for variances that are either unexpected or considered not to be in accordance with our understanding of the business during the year; obtaining and reviewing for completeness a list of entities and persons considered to be related parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the Charty for previousty unreported related party transactions; reviewing Corresponden and agreements between the Charity and its grantees and suppliers, and discussions with the management in relation to their compliance with lav and regulations,. challenging assumptions made by management in arriving at accounting estimates and judgements, in particular in relation to the recognition of revenue and grant provisions. identifying and testing joumal entries. in particular. any journal entries posted with unusual account combinations. such as a credit to revenue and a debit to the balance sheet (other than to expected accounts), which may be indicative of the overstatement or manipulation of revenue" and designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. 13
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE RUFFORD FOUNDATION Icontinued) Auditor's responslbilities for the audit of the financlal statements (continued) Because of the inherent limitations of an audit and the audit produreS described above. there is an unavoidable risk that we will not have detected all irregularities, including some leading to material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with la and regulats'ons (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, collusion, forgery, intentional omissions. misrepresentations. or the override of internal controls. We are not responsible for preventing non- compliance and cannot te expected to detect non-compliance with all laws and regulations. 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.uklauditorsresponsibilities. This description forms part of our auditor's report. 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 auditor's report and for no othef 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 our audit work, for this report, or for the opinions V have formed. Rawlinson & Hunter Audit LLP statutory Auditor Chartered Accountants Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Date.. Rawlinson & Hunt8rAudit LLP is eligible ft>r appoit7tment as auditor of ffte Charity by virtue of its eligibility for appryntment to act as auditor undersection 7212 of the Companies Act 2006. 14
THE RUFFORD FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE) FOR THE YEAR ENDED 5 APRIL 2024 UNRESTRICTED FUNDS Capital Fund Income Fund Total Funds Total Funds 2024 2023 Note Income from. Donations and legacies Investments Bank interest receivable Other income 307,552 3.842,685 22,967 24,650 307,552 3,842,685 22,967 24,650 3,606,897 11.468 14,592 Totsl income 4,197,854 4,197,854 3,632,957 Expenditure: Costs of raising funds: Investment management costs 329,384 329,384 319,829 Charitable activities Rufford Small Grants Programme General Grants 2,423,047 1,007,205 2.423,047 1,007,205 2.315.658 1,133,481 Total expenditure 3,759,636 3,759,636 3,768,968 Net expenditure before gainsl(losses) on Investments 438,218 438,218 (136,011) Net gainsl(loss) on Investments: Realised loss on disposal of fixed asset investments Unrealised gainl(loss) on revaluation of fixed asset investments (561,143) (561,143) {665,351) 2,795,674 2,795,674 (4.026.705) Net incomel{loss) (carried fomard) 2.234,531 438,218 2,672,749 (4.828,067) The notes on pages 19 to 61 form part of these financial statements 15
THE RUFFORD FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE) FOR THE YEAR ENDED 5 APRIL 2024 (continued) UNRESTRICTED FUNDS Capitsl Fund Income Fund Total Funds Total Funds 2024 2023 Note Net Incomel(10ssI (brought forward) 2,234,531 438.218 2,672.749 (4,828,067) Transfers between funds Net movement In funds 2,234,531 438.218 2,672,749 (4,828,067) Reconciliation of funds: Total funds brought forward 116,906.256 759,206 117,665,462 122.493,529 Total funds carried fOard £119.140,787 £1,197.424 £120,338,211 £117,665,462 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 19 to 61 form part of these financial statements 16
THE RUFFORD FOUNDATION BALANCE SHEET 5 APRIL 2024 Note 2024 2023 Fixed assets: Tangible fixed assets Investments 10 462,554 119,086,781 476,725 116,856,128 119,549,335 117,332,853 Current assets: Debtors Cash at bank and in hand 12 298,247 771.326 301,499 305,073 1 ,069,573 606,572 Liabllities: Creditors- amounts falling due within one year 13 (280,697) (273,963) Net current assets 788,876 332,609 Net assets £120,338,211 £117.665,462 Unrestricted Charity funds Capital Fund 19 119,140,787 116,906,256 Income Fund 19 1,197,424 759,206 Total Charlty funds £120,338,211 £117,665,462 Approved by the Trustees and signed on their behalf by J H Laing Trustee Date: The notes on pages 19 to 61 form part of these financial statements 17
THE RUFFORD FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Note Net cash outflow f rom operating activities 18 (3,403,257) (3.763.494} Cash flow from Investing activities Payments to acquire tangible fixed assets Payments to acquire investments ReIpts from sales of investments Interest received Investment income received 10 (3,425) (9,560,547) 9,649,392 11,468 3,606,897 (26,868,201) 26,736,511 22,967 3.842,685 Net cash inflow from Investing activitles 3,733,962 3,703,785 Net increasel(decrease) in cash and cash equivalents 330,705 (59,709) Cash and cash equivalents brought forward 754,678 814,387 Cash and cash equivalents carried forward £1,085,383 £754,678 Cash and cash equivalents consists of: Cash at bank and in hand Short term deposits 771,326 314.057 305,073 449,605 Cash and cash equlvalents at 6 April 2024 £1,085,383 £754,678 The notes on pages 19 to 61 form part of these financial statements 18
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 ACCOUNTING POLICIES General information The Rufford Foundation { the Charity. or "Trusf} is a registered charity (charity number 1117270) whose principal object is to use the income of the Charity to: Promote for the benefit of the public predominantly in countries other than those denoted by the International Monetary Fund as 'Advanced Economies,, the conservation and protection of fauna and flora and the conservation, protection and improvement of the natural environment. Advance the education of the public in the conservation and protection of fauna and flora and the conservation, protection and improvement of the natural environment including research into the same and the dissemination of the useful resulls of such research. Basis of preparatlon and assessment of going concern The financial statements have been prepared in accordance with Accounting and Reporting by Charities: statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Odober 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), Ihe Charities Act 2011 and where relevant, the Charities Act 2022, and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain iterns at fair value. The Charity constitutes a public benefit entity as defined by FRS 102. The ongoing geopolitical conflicts and events and the increases in previous year in interest rates and inflation have created significant operational and financial pressures on some businesses. Having considered the contingency plans in place and reviewed updated cashflow forecasts, the Trustees consider that. given the substantial net assel base of the Charity and its ability lo manage its grant making within the resources available to it, there are no material uncertainties about the Charity's ability to continue as a going concern. The Trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate. The financial statements are prepared in Sterling which is the functional currency of the Charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Income All income is recognised once the Charity has entitlement to the funds and it is probable that the funds will be reiVed within the Charity or on behalf of the Charity and Ihe monetary value of the income can be measured with sufficient reliability. 19
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 (contlnued) ACCOUNTING POLICIES (continued) Donations Donations reiVed for the general purposes of the Charity are credited to unrestricted income funds. Donations for purposes restricled by the wishes of the donor are credited to restricted income funds. Investment Income Investment income represents dividends and interest receivable from investments. Expenditure All exDenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured ieliably. The cost of raising funds consists of investment management and custodian fees. Charitable activities include grants payable to third parties in fvrtherance of the charitable objectives of the Charity and include both the direct costs and support costs relating to these activities. Irrecoverable VAT is charged as an expense against the activity for which the expenditure was incurred. Grants payable to third parties are within Ihe Charity's objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where granls are conditional relating to performance then the grant is only accrued when the recipient is notified of the grant and any unfulfilled conditions attaching to the grant are outside of the control of the Charity. Support costs allocatlon Support costs are those functions that assist the work of the Charity but do not directly represent charitable activities. Support costs include back office costs, finance. personnel, payroll and governance costs which support the Charity's programmes and activities. These costs have been allocated between cost of supporting the charitable activities and governan costs. The bases on which support costs have been allocated are set out in Note 6. Governan costs include those incurred in the governan of the Charity and its assets and are primarily associated with constitutional and statutory requirements. ststus of funds - capltsl and income Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charty and which have not been designated for other purposes. 20
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 ¢contlnued} ACCOUNTING POLICIES (continued) Status of funds - capital and income {continued) Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. There are no restricted funds. The Trustees have complete discretion for the use of the income funds in pursuance of the Charity's objectives. In accordance with the terms of the Trust Deed, up to 20/0 of the capital fund per annum can be used to meet the Charity's objectives and activilies. Tangible flxed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation. The leasehold property is stated at its deemed cost at 5 April 2014 in accordance with FRS 102. Provision for depreciation of tangible assets is made on the straight line basis at rates calculated to write off the cost of the assets less their estimated residual values, over their expected working lives, which are considered to be: over 50 years over 4 years Leasehold property Office equipment Investments Investments are recognised initially at fair value which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains I (losses) on investments, in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. The fair value of listed investments is delermined by reference to the quoted price being the Stock Exchange mid-price. The fair value of unlisted investments is determined by reference to the quoted price for identical assets in an active market. Current asset investments are short term highly liquid investments and are held at fairvalue. These include cash on deposit and cash equivalents with a maturity of less than one year. Realised and unrealised galns and losses Realised gains and losses are recognised on disposal of investments. Unrealised gains and losses are recognised on the market value of investments at the balance sheet date. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in Expenditure. within the statement of Financial Activities. 21
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 6 APRIL 2024 (contlnued) ACCOUNTING POLICIES (contlnued) Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignfficant risk of change in value. In the Slatement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an inte9ral part of the Charity's cash management. Flnancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially at transaction cost and subsequently at amortised cost. Employee benefits When employees have rendered seniice to the Charity, short-term employee benefrts to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The Charity contributes to personal pension plans in respecl of all employees. The expenditure charged in the financial statements represents contributions payable in respect of these schemes during the year. Forelgn currencles Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are converted at Ihe rate of exchange ruling at the date of the transaction. All translation differences are taken to the Statement of Financial Activities as they arise. Operatlng lease Rentals under operating leases are charged to the Statement of Financial Activities as they are incurred. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period of Ihe lease. Judgements and key sources of estimation uncertainty In preparing these financial statements. the Trustees have to make judgements on how to apply the Charity's accounting policies and make estimates about the future. The critical judgement that have been made at arriving at the amounts recognised in the financial statements and the key areas of estimation UnrtaInty that have a significant risk of causing a material adjuslment to the carrying value of assets and liabilities in the next financial year, are discussed below: 22
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 (continued) ACCOUNTING POLICIES (continued) Judgements and key sources of estimation uncertalnty (continued) Pmperty fund investments valuation The Trustees use the property fund valuation prepared by the property fund itself. The Diversified Property Fund for Charities. The valuation of the property fund investment is expected to be largely in line with the performance of the cornmercial property market in the UK. DONATIONS AND LEGACIES 2024 2023 Legacy income 307.552 £307.552 INCOME FROM INVESTMENTS 2024 2023 Investment assets withln the United Kingdom: Quoted dividends - UK equities Unquoted dividends- UK equities Interest - UK fixed interest securities 2,344,811 1,099,253 125,545 2,292,167 1,092,782 34,536 Investment assets outside the United Klngdom: Dividends - Overseas equities 273,076 187,534 £3.842,685 £3,606,897 INVESTMENT MANAGEMENT COSTS Investment management costs are costs of managing the investment portfolio payable to the investment manager and the investment custodians for the year ended 5 April 2024. CHARITABLE ACTIVITIES Analysis of charltable activlties The Charity undertakes its charitable activities through grant-making to a number of charitable organisations in furtherance of its charitable activities. Grants payable (Note 20) Total support costs (Note 6) Type of Grant Total 2024 2024 2024 All for nature conservation: Rufford Small Grants Programme General Grants 1,959,014 831,500 464,033 175,705 2.423,047 1,007,205 £2,790,514 £639,738 £3,430,252 23
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs 5 APRIL 2024 (continued) CHARITABLE ACTIVITIES (continued) Total support costs (Note 6) Grants payable Type of Grant Total 2023 2023 2023 All for nature conservation: Rufford Small Grants Programme General Grants 1,912,078 961.287 394,924 180,850 2,315.658 1,133,481 £2,873,365 £575,774 £3,449,139 ANALYSIS OF SUPPORT COSTS The Charity allocates its governance and support costs as shown in the table below. Cost type Total Support costs (Note 6) Basis of allocation 2024 2024 Governance (Note 7) Wages and salaries (Note 9} Premises costs Office expenses Computing and website development consultancy Other consultancy Depreciation (Note 10) Bank fees Subscriptions Travel expenses 104,367 354,595 97,658 13,968 Staff time Staff time staff time Staff time 10,891 5,250 13,462 4.602 967 33,978 Staff time Invoice Stsff time Invoice Invoice Invoice £639,738 24
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 (continued) ANALYSIS OF SUPPORT COSTS (continued) Cost type Total Support costs (Note 5) Basis of allocation 2023 2023 Governance (Note 7) Wages and salaries {Note 9) Premises costs Office expenses Computing and website development consullancy other consultancy Depreciation Bank fees Subscriptions Travel expenses 81,083 337,811 94,879 12,377 8,763 8,724 13,340 4,117 1,948 12,732 Staff time Staff time Staff time Staff time Staff time Invoice Staff time Invoice Invoice Invoice £575,774 GOVERNANCE COSTS 2024 2023 Wages and salaries (Note 9) Premises costs offi expenses Insurance Trustees meeting expenses Audit Accountancy Legal and professional fees Computing and website development consultancy Depreciation (Note 10> 8,003 5,140 736 7,262 710 40,906 14,715 25,613 573 709 8,782 4,994 652 6,241 194 36,300 13,823 8,344 920 833 £104,367 £81,083 25
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 6 APRIL 2024 (continued) NET MOVEMEKf IN FUNDS 2024 2023 This is stated after charging: Operating leases - land and buildings Depreciation Auditor's remuneration - audit Auditorfs remuneration - non audit fees £72,540 £14,171 £40.906 £14,715 £72,540 £14,173 £36,300 £13,823 The increase in capital funds totalling £2,234,531 (2023- decrease of £4, 692, 056), arose due to an unrealised gain on revaluation of fixed asset investments of £2,795,674 (2023 - unrealised loss £4.026, 705) and a realised loss on disposals of fixed asset investments of £561,143 (2023- realised loss £665, 351). STAFF COSTS 2024 2023 Staff costs as disclosed in Notes 6 and 7 were as follows- Wages and salaries Social security costs Pensions and other staff costs 282.341 29,114 51,143 284,076 34,185 28,332 £362,598 £346.593 2024 2023 The average monthly number of employees was 5 (2023 - 5). Number Number Number of employees earning between £60,000 - £70,000 Number of employees earning between £70,001- £80,000 Number of employees earning between £80,001- £90,000 The Trustees received no remuneration for their serlices during the year (2023 - £Nil). See Note 15 for other Trustees related transaclions. The key management personnel of the Charity comprise the Trustees and the CEO (2023 also included the Tmst Dir8Ctor b8fore his retirement in June 2022). The total employee compensation (gross salaries, pension contributions and private medical premiums) received by the key management personnel of the Trust were £93,391 (2023 - £138.078). 26
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS S APRIL 2024 (continued) 10. TANGIBLE FIXED ASSET Leasehold property Office equipment Total Cost At 5 April 2023 Additions Disposals 575,000 75,144 650.144 At 5 April 2024 575,000 75,144 650,144 Depreclatlon At 5 April 2023 Charge for the year 103,500 11,500 69,919 2,671 173,419 14.171 At 5 April 2024 115,000 72,590 187.590 Net book value At 5 April 2024 £460,000 £2,554 £462,554 At 5 April 2023 £471.500 £5,225 £476.725 The leasehold property held at 5 April 2024 was valued at £575,000 on 1 April 2014 by Martin Heath Associates, Chartered Surveyor on a vacant possession basis. The Trustees have elected to use the valuation of £575,000 al 1 April 2014 as the deemed cost in accordance with the transition rules of FRS 102. The leasehold property is used for charitable purposes. The proceeds of any future sale of the leasehold property will be used for charitable purposes. The other assets are used for the management and administration of the Charity. 11. FIXED ASSEf INVESTMENTS 2024 2023 Investments comprise: United Kingdom Overseas 70,892,265 48.194,516 89.660,172 27,195,956 Totsl Investments £119,086,781 £116,856,128 Unrealised gainl(loss) on investments in the year: United Kingdom Overseas 222,487 2,573,187 (4,508,617) 481,912 Total unreallsed gainllloss) on investments in the year £2,795,674 £(4,026,705) 27
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS S APRIL 2024 (continued) 11. FIXED ASSEf INVESTMENTS (continued) Investment assets within the United lQngdom Cash held by custodian Unquoted Securities Quoted Securltles Total 2024 2024 2024 2024 Costlmarket value At 6 April 2023 Additions Disposals Unrealised investment {loss)Igain 19.539,417 69.671,149 449.606 89,660,172 8,442,810 29,479,942 37.922,752 (27,297,654) (29,615,491) (56.913,145) 282,485 222,487 (59,998) At 5 April 2024 19,479,419 51,098,790 314.057 70,892,266 Investment assets within the United lQngdom Cash held by custodian Unquoted Securities Quotsd Securities Total 2023 2023 2023 2023 Cosvmarket value At 6 April 2022 Additions Disposals Unrealised investment loss 22,093,626 74,379,753 112,051 96,585,430 7,560,547 12.663,508 20,224,055 (10.314,743> {12,325,953) (22.640,696) (2,554,209) (1 .954.408) (4.508.617) At 5 April 2023 £19,539,417 £69,671,149 £449,606 £89,660,172 Investment assets outside the United Kingdom 2024 2023 Quoted securities Totsl Totsl Cosumarket value At 6 April 2023 Additions Unrealised investment gain 27,195,956 24.714.044 18.425.373 2.000,000 2.573.187 481,912 At 5 April 2024 £48,194,516 £27,195,956 28
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 6 APRIL 2024 (continued) 11. FIXED ASSET INVESTMENTS (contlnued} The following investments represent material investments (more than 5 % of the totsl investment portfolio) of the Charity.. Market Percentsge Value of totsl 2024 2024 UK Investments The Diveisified Propety Fund for Charities (unquoted securities) UK (Gov ofj 3.250/0 Bonds 3110112033 GBP Vontabel Management S.A Twentyfour Absolute Rtn £19,479,419 £8,670,318 £6,921,745 7.280 Overseas Investments Fundsmith Sustainable Guard Global Equity l Gbp Inc. Tb Evenlode Global Inc. F Gbp Inc. Brown Advisory Funds Global Leaders Sl GBP Inc £8,681,734 £8,506,759 £7,904,012 £6,115,465 7.14Yo Market Value Percentsge of totsl 2023 2023 UK Investments The Diversified Property Fund for Charities (unquoted securities) Vontabel Management S.A Twentyfour Absolute Rtn I Shares FTSE 100 M&G Securities Limited UK Inflation Linked Corp Bond I Inc £19,539.417 £6,759.197 £6,578,757 £6,020,874 5.780 29
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 6 APRIL 2024 (contlnued) 11. FIXED ASSET INVESTMENTS (continued) Market Value Percentage of total 2023 2023 Overseas Investments Fundsmith Sustainable Tb Evenlode Global Inc. F Gbp Inc. Guard Global Equity l GBP INC £7,932,990 £7,780.934 £8,050,056 6.890/0 12. DEBTORS 2024 2023 Prepayments and accrued income 298,247 301.499 £298,247 £301,499 13. CREDITORS - amounts falling due within one year 2024 2023 Taxation and social securty Other creditors Accruals and deferred income 9,489 8,956 57,162 207.845 271,208 £280,697 £273,963 14. COMMITMENTS UNDER OPERATING LEASE At 5 April 2024, the Charity was committed to making the following future aggregate minimum lease payments under a non-cancellable operating lease for land and buildings.. 2024 2023 Within 1 year Between 2 and 5 years After 5 years 72,540 248,659 72,540 290,160 36,300 £321,199 £399,000 30
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS S APRIL 2024 (continued) 15. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS No Trustee received any remuneration but reiVed reimbursement of expenses totalling £546 (2023.. £40). Transactions with key management personnel are disclosed in Note 9. During the year, the Charity received computer services at a price favourable lo the Charity of £9.249 (2023 - £6,043) from Simplicat ("Simplicat"}, an entity in which Trustee H B Edwards is beneficially interested. The amount is inclusive of VAT where applicable. Olivia Smalles (daughter of Trustee, lain Smailes) completed digital design work for The Rufford Foundation in July 2023 for which she received £1,261 (2023 - £265). Any work undertaken by Simplicat or Olivia for the Charity is approved by the other Trustees prior to any amount being paid. 16. ULTIMATE CONTROLLING PARTY The ultimate controlling parties are Ihe Trustees. 17. FINANCIAL INSTRUMENTS The carrying amounts of the Charity's financial instruments are as follows.. 2024 2023 FinanGial assets.. Measured at fair value through SOFA: Fixed asset listed investments (Note 11) Fixed asset unlisted investments (Note 11) Cash at investment managers {Note 11) Cash at bank £99,293,306 £19,479,419 £314,057 £771,326 £96,867,105 £19,539,417 £449,606 £305,073 Measured at amortised cost: Other debtors and accrued income (Note 12) £276,849 £274,135 Financial liabilities.. Measured at amortised cost: Other creditors (Note 13) Accruals (Note 13) £(57,162) £(39,864} £(101,183) The income, expenses, net gains and net losses attributable to the Charity's financial instruments are summarised as follows. 2024 2023 Income and expense.. Financial assets measured at fair value through SOFA: Net gainsl(losses) (including changes in fair value) £2,234.531 £(4,692,056) 31
THE RUFFORD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 (continued) 18. RECONCILIATION OF NEf MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movement in funds 2,672.749 (4,828,067} Dividends received Interest receivable Depreciation and impairment of tangible fixed assets (Note 10) (Gains)Ilosses on investment revaluations (unrealised) Losses on disposal of fixed asset investments (realised) Decieasel(increase) in debtors Increasel(decrease) in creditors (3,842,685) (22,967) (3,606,897) (11,468) 14,171 (2,795,654) 561,143 3.252 6,734 14,173 4,026,705 665,351 (7,327) (15,964) Net cash ouffiow from operating activities £(3,403,257) £{3,763,494) 19. FUND RECONCILIATION Fund balances brought forward Fund balances carrled fonprard Transfer b8twe•n funds Unrestricted funds Total income Total expenditure Gains on investments Capital funds 116,906,256 2,234,531 119,140,787 Income funds 759,206 4,197,854 (3.759,636) 1,197,424 Total funds £117,665,462 £4,197,854 £(3.759,636} £2,234,531 £120,338,211 Fund descrlptlons Capital funds are funds donated by the Settlor that are invested in listed and unlisted investments and includes accumulated gains and losses from the investments. Income funds are accumulated funds from ad-hoc donations. dividends. fixed interest and other income re1vable net of grants payable, support costs, investment management costs and olher expenditure. 32
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