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The Buddy Bag Foundation CONTENTS- Page Report of the Trustees Objectives and Activities Financial Review 20 Structure. Governance and Management 24 Reference and Administrative Details 26 Independent Examiner's Report 27 Consolidated Statement of Financial Activities 28 Balance Sheets 29 Notes to the Financial Statement 30-36
The Buddy Bag Foundation REPORT OF THE TRUSTEES fjudd) The trustees present their report together with the consolidated financial statements of the Buddy Bag Foundation Ithe charityl for the year ended 31 December 2023. The financial statements have been prepared in accordance with 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 IFRS1021 (effective l January 20191- Icharities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act 2011. Buddy Bag Foundation is a Charitable Incorporated Organisation ICIOI registered with the Charity Commission for England and Wales on 17 December 2015.
The Buddy Bag Foundation Founder's Report My name is Karen Williams OBE. l am passionate about making a difference to the lives of others. Where did the Buddy Bag idea come from? During a visit to Australia in 2014, 1 was inspired by an article about the Alannah and Madeline Foundation www.amf.or .aul which has delivered more than 50,000 Buddy Bags to children in emergency care since 2007. On my return from Australia, I researched the facilities available to children in emergency care in the UK and discovered a huge need for Buddy Bags here. To ensure as many children as possible can benefit from the Buddv Bag scheme, I set up the Live Love Laugh Foundation (which later became the Buddy Bag Foundationl and launched the Buddy BaE appeal in the UK, with the help and support of The Alannah and Madeline Foundation. Our goal To restore a sense of safety and security into a child's life during a traumatic time is one of the first steps to recovery. Buddy Bags are something a child can call their own, no matter where they go. Tailored across a wide age range, from new born babies to teenagers, they contain all the essential items a child needs straight away- such as toiletries, pyjamas and underwear. They also include stationery and comfort items, including a book and a teddy bear. We continue to deliver Buddy Bags and to help support this aim, we are looking for companies and individuals that would like to get involved in a community project. They can do thi5 by either sponsoring Buddy Bags in their local area, by donating funds to help pay for the items that go into the bags, or by donating their time to help fill the bags.
The Buddy Bag Foundation How the scheme works Buddy Bags are funded through fundraising, sponsorship and donations. Groups of items can either be donated or sponsored. Individual volunteers, or companies looking for community projects to support, can meet at venues throughout UK every fortnight to help fill the back packs. We are committed to 100% of the monies raised Eoing into the supply of Buddy Bagsl Most of our services are supplied by companies who have chosen us as their Charity of the Year and donate some of their services free of charge. 2023 has been an amazing year for the Buddy Bag Foundation. We have delivered 8,774 Buddy Bags in 2023 18,590 in 20221, making a difference to 8,774 children. We are proud to have delivered a total of 57,782 Buddy Bags, hosted 314 Buddy Bag Brigades and engaged with 4,840 volunteers in the period since formation to 31 December 2023. We continue to make full use of ovr BBF HQ kindly donated to us by Graham Johnston, a local Business owner in Minworth Sutton Coldfield. This generous donation has not only afforded us the base we so desperately needed but has also ensured that we have the facility to pack bags, have sufficient storage and the luxury of being able to buy items in bulk and lower costs. Our Team Building Events have been in demand too, Amazon, TPN, Ashurst and Hootsuite, Places for People to name a few have all held events as part of their Corporate Social Responsibility programs. Thank you to all our volunteers and supporters for supplying our"Bags of Love" to children in emergency care together we have achieved and are continuing to achieve something truly special. Thank you to all our volunteers and supporters together we have achieved and are continuing to achieve something truly special. Karen Williams OBE Co-Founder and CEO Co- Founder and Trustee The Queen's Award for Voluntary Service
The Buddy Bag Foundation What is a Buddy Bag? A Buddy Bag is a backpack that contains all the essential items a child needs. They include toiletries, pyjamas and underwear. They also include comfort items such as a book and a teddy bear. A Buddy Bag is something a child can call their own, no matter where they go. All the items going into the Buddy Bags are new. This has several benefits ranging from helping the children receiving the bags to bolster their self-esteem, through to simplifying the process involved in hosting a Buddy Bag Brigade. Each Buddy Bag costs the charity about £25. How do Buddy Bags getto the children? Buddy Bags are donated to women's refuges all over Great Britain. Each refuge receives 30 Buddy Bags at a time. The Buddy Bags are tailored to suit babies, children and young people, according to the needs of different age groups and genders.
The Buddy Bag Foundation What is a Buddy Bag Brigade? A Buddy Bag Brigade is ar) event which brings around 20 volunteers together for two hours, working together to pack 180 Buddy Bags. The packed bags are delivered to six women's refuges. Where possible, Buddy Bags are distributed locally, but the charity works to support women's refuges all over Great Britain. These brigades are a great team building opportunity. Many organisations engage in fundraising activities and then host their own Buddy Bag Brigades. The charity is committed to positively influencing the local communities in which we live and work. BNI ATE LQE
The Buddy Bag Foundation Corporate Social Responsibility The Charity engages with employers, demonstrating how partnering with the Buddy Bag Foundation can help impact Corporate Social Responsibility policies, and positively support their local community. With the opportunity to fundraise, whether through bake sales or bike rides, and volunteer with a Buddy Bag Brigade, the Buddy Bag Foundation provides great team building opportunities whilst making a difference to children in crisis. Public benefit The trustees confirm that they have had regard to the Charity Commission's guidance on public benefit during the performance of their duties.
The Buddy Bag Foundation Achievements and Performance During the year ended 31 December 2023.. 2023 2022 Formation to 31" Dec 2023 Buddy Bags Distributed 8,774 8,590 57,782 Number of Buddy Bag Brigades Number of Volunteers Engaged Women's Refuges Supplied 49 48 314 490 505 4,840 292 286 350 Buddy Bags distributed in 2023 60,000 320 58,000 310 56,000 54,000 52,000 270 ¢U 50,000 260 48,000 250 46,000 240 Jan-24 Fe21 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Au8-23 Se*23 Oct-23 Nov-23 Dec-23 Buddy Bags to date Buddy Bag Brlgades to date
The Buddy Bag Foundation Buddy Bag Brigades Regularly Buddy Bag Brigades have been held at Lichfield, Tamworth and Sutton Coldfield. Thanks to the work of volunteer Ambassadors and to groups and employers, in 2023 Buddy Bag Brigades have been held in Birmingham, the West Midlands, York , North Wales, Rugby, London and Essex. ddyba undilion buddy Fundraising and donations Individuals, groups and companies are the lifeline of The Buddy Bag Foundation. Together they have helped to achieve total income of £297,813 12022.. £307,8881. The Charity is active in bidding for funding and during this period has been successful in securing funding from different sources including supermarkets and various groups. Our campaign to receive hand knitted toys, handmade toiletry bags and pencil cases has continued to be very popular during 2023. Numerous groups throughout the UK making a difference to children by donating these items gives them a purpose too.
The Buddy Bag Foundation Patrons and Supporter Our Patrons are Olivia Hill, Molly Windsor, Jess Phillips MP and Supporter Dr. Hilary Jones. Ambassadors We now have a number of Ambassadors nationwide Ifor example= York, Essex, Cardiff, North Wales, South Wales and Rugby) who are flying the flag of BBF. With a supportive team of volunteers their goal is to raise £4,5(x) in their community to host their own Buddy Bag Brigade in their area. We will continue to recruit more Ambassadors. Volunteers We have engaged with over 4840 volunteers since formation to 31 December 2023. Our volunteers support us in lots of different ways,. at our Buddy Bag Brigades by donating two hours of their time,. at our fundraising events and we have lots of volunteers that knit cuddly toys, toiletry bags and pencil cases for our Buddy Bags. We were delighted to have been awarded the Queens Award for Voluntary Service in 2022. Receiving the award at Buckingham Palace. Volunteers Rachel Boardman and Amy Williams. We thank you. If you are interested in joining our Team- Volunteer Now! htt budd ba foundation.co.uk volunteer
The Buddy Bag Foundation BBF Awards buddy bag IOLii ILiation *Awards 2023 'ILI IL ikb t ,ILI I 'ILI l.'nur()akW Ib OFThEYE•AAWAYD BBF Annual Awards held at Shenstone Village Hall held in Sept 23 to celebrate our Volunteers, Ambassadors and Supporters. 2023 winners Volunteer of the Year lane Probert Ambassador Katie Leedham, Be More Roar Going the Extra Mile Image on Food, Gemma Williams (Gingerbread Warriors) Top Fundraiser The Pallet Network CSR Places for People Making a difference Award MarkTonks IThe Long Walk Homel io
The Buddy Bag Foundation Fundraising events We would like to thank all our supporters for their support during 2023. Lots of individuals and groups raised funds such as walks, golf and hiking. Here is our simple A-Z list of fundraising ideas https'.l/buddybagfoundation.co.uk/fundraise/ Ji.1 Awards received 31st December 2020- Karen Williams, Co-Founder was awarded an OBE for her Services to Domestic Violence. li
The Buddy Bag Foundation 20th October 2022 We were delighted to recognise over 40(X) Buddy Bag volunteers by receiving the Queens Award for Voluntary Service awarded as part of the Queens Jubilee and presented at Birmingham Hippodrome by the Lord Lieutenant. buddy bag *1 The Queen's Award for Voluntary Service 12
The Buddy Bag Foundation Partnering with Buddy Bag Foundation 2¢ Corporate Social Responsibility or CSR, centres around embracing and giving back to your local community. Companies throughout the UK are reaping the benefits of making a difference and engaging with their local causes, plus raising their profile whilst doing so. So, why should you get involved with The Buddy Bag Foundation? You can make a positive impart in YOUR area IOO¥o of money raised goes directly back into local communities.
You can join us for one of our upcoming Budd Ba Bri ades Creates fantastic exposure for your brand What better way to strengthen your brand by associating with a worthwhile cause? We have the incredible support of our star Patrons Strengthens relationships with your customers By supporting your local community, this will have a huge positive impact on your customer relationships, showing them you care. Our social presence is felt within the community and online via our social media channels Facebook Twitter and Insta Encourages employee engagement and attracts potentlal employees In helping local causes, it will make your company desirable to potential employees and your current employees will be proud to be giving something back. You can view case studies from the companies we have worked with through our Corporate Partnerships here Enhances client relationships lust like your employees, giving back to your local community shows you in an extremely positive light to your client base. Visit our Postcard aller to see why our Buddy Bags are loved so muchl Helps to build your team, boosting self-improvement for all Playing a vital part in our bag pack events helps communication, compassion and self-fulfilment for the whole team. Our Budd Ba Bri such a difference I ade events welcome all ages & abilities, showing how working together can make 13
The Buddy Bag Foundation Our current partners include.. Utility Warehouse, Gowling, Amazon, Trowers and Hamlins, The Pallet Network, Places for People, Wells Fargo, Hootsuite and Honeywell. For further detail on how you can be part of our CSR Team Building initiative please see htt budd ba foundation.co.uk csr Supporter ofthe Month Hoot5ulte 14
The Buddy Bag Foundation Corporate Suppliers In May 21 The Howell Group donated BBF a HQ space to accommodate a Buddy Bag Packing section, Storage facilities and kitchen. All services irbcluded. This professional facility gives BBF the status of having a dedicated HQ as a registered office. It allows BBF to keep a stock of items in case of disrupted deliveries. Buddy Bags can also be kept in stock. Also providing a home for the dedicated team of volunteers. HOWELL Updated Refuge Database BBF can now take orders for Buddy Bags based on the needs of the Women's Refuge and deliver accordingly. This has made a massive difference to the service BBF can now supply our end users. It has also meant that we are able to increase the number of items we purchase generating lower purchase prices. We are extremely grateful for the Howell Group for donating and sponsoring this space. Thank You to our Corporate Supporters of donations that help reduce the cost of our Buddy Bags. htt budd ba oundation.co.uk su orters ffindafi ¢1 THE MONTH 15
The Buddy Bag Foundation Buddy Bag Foundation Angels It is thanks to the benevolence and generosity of our Angels, whose financial ass1Stance and support ensures the long term sustainability and continuation of the Buddy Bag Foundation. By providing support to fully develop processes and systems which not only increase reliability and growth but ensure the foundations long term future htt budd ba oundation.co.uk our-an els ORS" BBF Angel 16
The Buddy Bag Foundation What's New! 2023 celebrated the launch of our Buddy Bag Foundation Pyjamas. At Buddy Bag Foundation, we believe that every child deserves to be loved- Our Branded '1 am loved" Pyjamas and branded pants and vests are now included in all our Buddy Bags. We have also opened a Shopify Shop which is promoted on our web site and social media pages- We are selling BIGI Pyjamas and Buddy Bears. For every item purchased we will donate the same item to a Buddy Bag. Making difference to children in emergency care. BBF Rucksacks Orange and Purple rucksacks have been sourced and supplied in 2023 with a saving of nearly 40%. Local philanthropist committed to sponsoring the rucksacks. Very much appreciated. Celebration of our 50,000 Buddy Bag April 23 Buddy Bag Foundation celebrated their SO,0 Buddy Bag at Shenstone Village Hall. We were joined by the Lord Lieutenant John Crabtree who packed Buddy bags with the volunteers. 17
The Buddy Bag Foundation M indful ness knitting in the workplace Amazon introduced knitting in the workplace as a mindfulness activity. The completed knitted Buddy Bear donated to BBF. Gameley Games Gamely kindly donated 944 @£12.99 each - £12,262 htt amel ames.com 18
The Buddy Bag Foundation Testimonials We continue to receive "Thank You" cards from the children who receive our Buddy Bags. "What I love about my Buddy Bag is , hank you so much for tke bu bags. we really your generosity, oing t love ag were given to all the children who came in the refijge and outreach too. The smile on th•ir littl• fac•s is pricg1•ss..' "Wefrust wanted t a HUGE Thankyou dona¢$1. yBag azing and real omakea thechlldrert livin Th appr ild whocome5 helr-tsudd Bag asa p rcould ca a-plcture of our r rvlth a fewofthe Thank5Cnce again" ri and Mumswhen I ta WhI bwl my Jdtyb r# Positive t comlng ing th Ip5 upttithe . PO •21 Sadllrt¢ol• ave bb•n alowfor a walbng f•rth•chlldtsc ¢uddl•. itcan bo.50•m tK L¥¥4L S W< buddy bag foLiiidatiori iir¥J ?Haven BUDDY BAG POUNDATION b•• Iw •Wr•fi Tkn •H•ct•dby d•1*•b• 19
The Buddy Bag Foundation Financial Review Total Donations Received 2023: £242,700 Donations from indwiduals Donations from companies Donations from groups Donations at events GiftAid Donated goods, services and facilities £18,070 £13,285 £519 The Charity has received increased donations on 2022 levels with donated goods and services seeing the biggest rise with additional restricted donations received for networking costs. Donations from individuals were boosted by very generous donations towards the purchase of Buddy Bag Rucksacks. Income from donations and leBacies increased by £17,54317.79%1 from £225,157 in 2022 to £242,700 in 2023. Cash donations of £124,46512022'. £174,706) were received from individuals 55%, companies 20%, groups 14%, and Gift Aid claimable on donations IIYO. Donations received included: Groups Freemasons £3,800 Rotary £1,250 Consilient Health Group £2,500 Companies Quilter Foundation £4,500 Sydney Mitchell £1,940 These amazing results reflect the consistent effort made by the ambassadors, supporters and trustees. 20
The Buddy Bag Foundation Donated goods, professiona I services and donated facilities The Charity is very grateful for the generous donations of goods, professional services arbd facilities It has received. We continue to see an increase in volunteers knitting toys and sewing toiletries bags and pencil cases. This year donations of Eoods, services and facilities totalled £118,23512022.. £50,450), a increase of £67,785, more than double last year. Non-cash donations received this year include.. Knitted toys and other goods received for Buddy Bags £76,289 Other donated services £24,066 Storage Facilities £2,880 Venue for BBF, Minworth £15,000 We thank the hundreds of volunteers who have each donated a few hours of their time to support the Buddy Bag Brigades, and the many volunteers who generously hand knit so many cuddly toys and make toiletry bags and pencil cases. We are Erateful to all the organisations and individuals who generously sponsored and donated their professional services and venues. Together, our work becomes possible. As stated in the accounting policy note I, donated goods, donated professional services and donated facilities are recognised as income in the Consolidated Statement of Financial Activities. The general volunteer time of the volunteers attending Buddy Bag Brigade events and other events is not recognised. Other trading activities Other trading activities comprise income from online fundraising events, workshop team building events and sales of toys. November 2022 we launched our Shopify Sales Site. Selling our BBF branded "l am Loved" Pyjamas, Buddy Bear and "Buddy Book" written by Laura Ewers and donated to BBF lall profits donated to BBFI- The Pyjamas and Buddy Bear are promoted on a BIGI basis. BBF donates a pair of Pyjamas or Bear to a child in emergency care. Sales of teambuilding workshops totalled a massive £50,88612022= £77,296). 21
The Buddy Bag Foundation Expenditure Expenditure on raising funds totalled £33,22112022.. £10,170). Unrestricted expenditure of £1,451 consisted of processing charges on income received. The balance of £31,770 was for restricted donated networking costs of £22,260, social networking costs and advertising of £5,726 and website design of £3,784 . Expenditure Support cDstS 39,327 £24,171 Direct costs 206,644 £223,786 Raising funds 33,221 £10,170 so,000 loo,000 150,000 200,000 250,000 2023 ll 2022 Cost of Buddy Bag Brigades 2023: £206,644 Other direct costs £1,854 £13,816 Delivery charges £8,420 £11,094 Donated materials for Buddy Bags £29.986 Materia15 purchased for craft boxe5 £0 £15 Materials purchased for Buddy Bags £168,875 20,000 40,C)CO 60,000 80,000 100,000 120.000 140,000 160,000 180,OOD 2023 w 2022 Buddy Bag Brigades are the events at which Buddy Bags are crafted. The 8,774 Buddy Bags this year12022.. 8,590 8uddy Bags) cost £206,64412022-. £223,786) to produce, a decrease of £17,14217.7%1 as a result of more donated goods from our wonderful supporters. Karen Williams OBE has been successful in sourcing the materials purchased for Buddy Bags at reduced cost. This is a continuous process to ensure reliability of deliveries and consistent quality of the items whilst ensuring value for money. Support costs totalled £39,32712022'. £24,171) of which £239 were covered by restricted funds. The expenditure from unrestricted funds of £39,088 mainly comprised administrative services £1,837, printing £6,354. donated 22
The Buddy Bag Foundation storage costs for the materials before they are used in Buddy Bag Brigades of £2,880, other storage costs of £5,552, donated venues for Buddy Bag Brigades of £15,000, team building event costs of £7,026 and insurance of £439. Expenditure from restricted f unds comprised bank charges of £239. Restricted funds and angels Restricted funds donations to the Charity are specifically designated to cover the administration costs. In 2019 a new program of Angels was successfully launched. The Angels make their donations specifically as restricted funds to cover the administration costs. This resulted in cash donations of £4,10012022'. £2,9001. Financial position The Trustees are very satisfied with the financial position as at 31 December 2023. The charity had £240,301 at the bank12022.' £228,6851- The charity aims to hold unrestricted cash reserves sufficient to fund a minimum of nine months of Buddy Bag Brigades. This is calculated as if the charity had to buy all facilities, goods and services at market values. This policy is regularly reviewed by the Trustees. At 31 December 2023, the unrestricted cash at bank was in excess of this minimum. Financial prospects The charity is in an excellent financial situation,. with sufficierbt cash to finance ongoing supplies of buddy bags. The income of the charity has intreased and the Charity hopes to continue on this upward trend to be able to supply as many Buddy Bags as we can to ref uges as the demand has sadly not declined. th Financial Reserves policy (agreed by the Trustees on 14 April 20241 'Reserves" refer to the financial resources set aside by the Buddy Bag Foundation to address unforeseen challenges, capitalise on opportunities and maintain the organisation's ability to fulfil its mission over the long term. Reserves may include unrestricted, Board of Trustees designated, Strategic and restricted funds as applicable. The objectives of maintaining reserves include.. Mitigating financial risks and uncertainties Providing financial flexibility to respond to emergencies or unforeseen circumstances Ensuring the sustainability and continuity of ad-hoc programs and core services Facilitating strategic investments and long-term planning 2. The Trustees have agreed to aim for Unrestricted reserves of £225,00019000 bags @ £25 per bag) and Restricted reserves of £24,75019 months @ £2,750 per monthl 3. The Finance Sub Committee will investigate options and potential partners for building Strategic Reserves in line with the future strategv 23
The Buddy Bag Foundation Structure, Governance and Management Governing document The Buddy Bag Foundation is a Charitable Incorporated Organisation governed by its Constitution amended on 3 March 2018. It is registered with the Charity Commission in England and Wales, registered number 1164916. Appointment of trustees Trustees are appointed for a term of one year by a resolution passed at a properly convened meeting of the Charity trustees. In selecting individuals for appointment as a Charity trustee, the Charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Trustee induction and training New trustees receive a copy of the current version of the constitution and the latest Trustees, Annual Report and Unaudited Financial Statements. The CEO gives individual induction to new trustees, informing them about the work of the Foundation, the expectations of the board and the decision-making processes. Trustees and advisory board members are expected to provide evidence of relevant GDPR training within half a year of joining the board. Trustees and advisory board members provide evidence of their DBS certificates every few years. Organisation The Constitution provides for a maximum number of 12 trustees serving on the board of trustees, which administers the charity. The board of trustees meets between four and six times per year. From its members, the board of trustees nominates a Chairman, a Chief Executive and a Treasurer, who manage the day-to-day operations of the charity. The board of trustees is supported by an advisory board, who provide additional advice and expertise. They make non-binding recommendations to the board of trustees. Members of the advisory board are appointed by the board of trustees, who also have the authority, in its sole and absolute discretion, to remove any member of the advisory board at any time for any reason. The Foundation does not have any employees and it does not provide any remuneration to any of its trustees or advisory board members. 24
The Buddy Bag Foundation Subsidiary company Under the law of England and Wales, charities may engage in some types of trading, subject to restrictions. To enable additional fundraising activities, (for example running fundraising balls and providing events on a commercial basis to businesses), on 8 lune 2018 the Trustees incorporated The Buddy Bag Ltd as a wholly owned subsidiary company limited by shares incorporated in England and Wales. Related parties Live Love Laugh Limited generously makes donations to the Charity which are specifically designated to cover the administration costs. Live Love Laugh Limited is controlled by Karen Williams OBE (Trustee) and Chris Williams (Advisory Board Member). Karen Williams OBE (Trusteel and Chris Williams (Advisory Board Member) are the parents of Harry Williams ITrusteel. The Charitws internal processes and procedures ensure that duties are segregated appropriately to trustees outside the Williams family. 25
The Buddy Bag Foundation Reference and Administrative Details Charity registered number: Registered address: 1164916 Unit 28 Maybrook Road Maybrook Business Park Minworth Sutton Coldfield B76 IAL Trustees The trustees serving during the year ended 31 December 2023 and since the year end were as follows.. Date appointed/resigned as Trustee Chairman CEO D M Whitbrook KS WilliamsOBE S Hinds L Lomas Treasurer Resigned 0110812023 Trustees D M Fielding P Tranter H E Williams S Mccarthy J Hood D Tyrell J Lunn Resigned 10/1212023 Resigned 3104/24 Resigned 1210812023 Advisory board The advisory board members servinE during the year ended 31 December 2023 and since the year end were as follows.. Advisory Board C M Williams By order of the board of trustees on IhtT)b 28 Oct 2024 And signed on its behalf by.. D M Whitbrook (Chairman) 26
The Buddy Bag Foundation Independent Examiner's Report to the Trustees of The Buddy Bag Foundation Ilhe Group'l I report to the charity trustees on my examination of the consolidated accounts of the Group comprising The Buddy Bag Foundation I'the Chairty'l and its subsidiary undertakings for the year ended 31 December 2023 which are set out on pages 28 to 36. Responsibilities and basis of report As the trustees of the Charity you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 I'the 2011 Act'l and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Charity and the Group are not required by charity law to be audited and have chosen instead to have an independent examination. I report in respect of my examination of the consolidated accounts. I have carried out my examination under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under sectiorb 14515llbl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the consolidated accounts present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independent examlner's statement Since the Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Certified Chartered Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records with respect to the Trust were not kept as required by section 130 of the 2011 Act and with respect to its subsidiaries were not kept as required by section 386 of the Companies Act 2(K)6,' or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements toncerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed A4,-&11. 28 Oct 2024 Michelle Vincent FCCA Fruition Accovntancy Limited Unit 4 Three Spires House, Station Road, Lichfield W513 6HX 27
The Buddy Bag Foundation CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 Note INCOME Donations and legacies 197,828 44,872 242,700 225,157 Other trading activities 51,544 51,544 81,677 Investment income 3,569 3,569 1,054 Total income 252,941 44,872 297,813 307,888 EXPENDITURE Raising funds 1,451 31,770 33,221 10,170 Charitable activities Direct costs Support Costs 188,444 39,088 18,200 239 206,644 39,327 223,786 24,171 Total expenditure 228,983 50,209 279,192 258,127 NET INCOME/IEXPENDITUREI 23,958 15,3371 18,621 49,761 RECONCILIATION OF FUNDS Total funds brought forwards 206,346 23,836 230,182 180,421 Total funds carried forwards 230,304 18,499 248,803 230,182 The notes form part of these financial statements 28
The Buddy Bag Foundation BALANCE SHEET AS AT 31 DECEMBER 2023 Group Charlty 2023 2022 2023 2022 Note io FIXED ASSETS Intangible Assets Investment 170 170 100 IQK) loo Total fixed assets 170 100 270 loo CURRENT A55ETS Stock Debtors Cash at bank and in hand 3,808 6,817 240,301 4,767 7,098 228,685 3,808 6,379 213,551 4,767 6,480 189,820 li Total current assets 250,926 240,550 223,738 201,067 Creditors falling due within one year 12 12,2931 110,4681 111,0521 110,7601 Net current assets 248,633 230,082 212,686 190,307 NET ASSETS 248,803 230,182 212,956 190,407 FUNDS OF THE CHARITY Restricted income funds Unrestricted funds 13 13 18,499 230,304 23,836 206,346 18,499 194,457 24,207 166,200 TOTAL CHARITY FUNDS 248,803 230,182 212,956 190,407 The f inancial statements were approved by the Board of Trustees on 28 Ocl 2024 and were signed on its behalf by= D M Whitbrook Ichairmanl The notes form part of these financial statements 29
The Buddy Bag Foundation NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 l Accounting policies al Basis of preparing the financial statements The financial statements have been prepared in accordance with 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 IFRS1021 (effective l January 20191- (Charities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act 2011. The Buddy Bag Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. bl Group financial statements These financial statements consolidate the results of the charity and its wholly owned subsidiary The Buddy Bag Ltd on a line-by-line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes to the charity's balance sheet. cl Going concern The Trustees consider that there are no material uncertainties about the charivs ability to continue as a going concern. The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. dl Income Donated goods, donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time of the volunteers attending Buddy Bag Brigade events and other events is not recognised. Refer to the trustees, annual report for more information about their contribution. On receipt, donated goods, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount is then recognised in expenditure in the period of receipt. 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 30
The Buddy Bag Foundation 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. fl Fixed Assets- Intangible Assets Intangible Assets are recognised at cost less accumulated amortisation and any impairment. gl Investments Investment in the subsidiary company is valued at cost less provision for impairment. h) Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Debtors Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost usin8 the effective interest method, les5 provision for impairment. A provision for the impairment of trade debtors is established where there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. jl Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. kl Trade creditors Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if there is no unconditional right at the end of the reporting period to defer settlement of the creditor for at least 12 months after the reporting date. If there is an unconditional right to defer settlement for at least 12 months after the reporting date, they are reported as non-current liabilities. 11 Taxation The charity is exempt from tax on its charitable activities. ml 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. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 31
The Buddy Bag Foundation 2 Income from donations and legacies Total Funds 2023 Total Funds 2022 2023 percent of total Unrestricted Restricted Funds Funds Percent change Change Donations from indivlduals Donations from companies DonatlQn5 from groups Donations at events Gift Aid Donated goods, services and facilitie5 49,898 20,393 18,070 519 13,285 95,663 18,200 4,100 68,098 24,493 18,070 519 13,285 118,235 46,752 82,808 37.131 63 7,953 SO,450 28.1% 10.1% 7.4% 0.2% 5.5% 48.7% 21,346 158,3151 119,0611 456 5.332 67,785 45.7% 70.4% 51.3% 723.8% 67.0% 134.4% 22,572 197,828 44,872 242,700 225,157 ioo.o% 17.544 7.8% Cash donations onlv 102,165 22,300 124,465 174,707 150,2411 3 Other trading activities Total Funds 2023 Totsl Funds 2022 2023 Unrestricted Restricted Funds Funds percent of total Percent change Change Bids Sales of 8uddy Bear toys Fundraising events Sales of workshops and team building events 0.0% l.B% 0.0% 0.0% 62.4¥. 658 658 1,750 2,631 11.0921 12,6311 ioo.o% 50,886 50,886 77,296 98.7% 126,4101 34.2% 51,544 51,544 81,677 ioo.o% 130,1331 36.9Y 4 Raising f unds expenditure Total Funds 2023 Total Funds 2022 2023 percent of total Unresrritted Restricted Funds Funds Percent change Change Processing charges on Income received Just Giving rnembership fee Admin service costs Fundraising event expenses Web51te and promotional expenses 1,376 1,376 1,034 351 139 91 8,555 4.1% 342 13511 11391 33.0% ioo.o% LOO.0% 17.6Y. 271.4% 75 75 31,770 0.3% 95.6% 31,770 23,215 1,451 31,770 33,221 10,170 LOO.0% 23,051 226.6% 32
The Buddy Bag Foundation 5 Cost of charitable activities Total Funds 2023 Total Funds 2022 2023 percent of total Unrestricted Restricted Funds Funds Percent change Change DIREcf COSTS Materials purchased for Buddy Bag5 Materi315 purchased for craft boxes Donated materials for Buddy Bags Delivery charges Other direct costs 101,881 18,200 120,081 168,875 15 29,986 11,094 13,816 58.1% 148,7941 28.9% ioo.o% 154.4% 24.1% 86.6% 76,288 8,420 1,855 76,288 8,420 1,855 36.9% 4.1% 0.9% 46,302 12,6741 111,9621 Cost of Buddy Bag Brlgades 188,444 18,200 206,644 223,786 ioo.o% 117.1421 7.7% Total Funds 2023 Total Fund5 2023 percent of total Unrestricted Restricted Funds Funds Percent change 2022 Change SUPPORT COSTS storage costs Storage facilities donated Adrninistr3tive service5 Insurance Donated services received and venues for trustee meeting5 Donated premises for Head Office Other support costs 5,552 2,880 666 439 5,552 2,880 666 439 14.1% 7.3% 1.7% 1.1% 5,552 ioo.o% 0.0% 35.1Y. 39.5% 2,880 1,027 726 13611 12871 500 15,000 14,051 500 15,000 14,290 1.3% 38.1% 36,4% 500 ioo.o% 0.0% 214.9% 15,000 4,538 239 9,752 Support costs 39,088 239 39,327 24,171 ioo.o% 15,156 62.7% Total charitable 3Ctivitie5 expenditure 227,532 18,439 245,971 247,957 11,9861 o.sY. Included in Other Support Costs are the following.. GOVERNANCE COSTS IndÈpendent Examiners Fee 600 600 600 100.0% 0.0% 6 Trustees, remuneration and benefits The Charity Trustees were not paid nor received any other benefits from employment with the charity in the year12022.' £nill. Trustees, expenses As part of fundraising activities, the charity and its subsidiary company have sold team-building workshops to businesses. Trainers and facilitators have been engaged to deliver these fundraising activities, which included 2 of the Trustees. Trustees, expenses represent the cost of delivering these workshops, including travel and subsistence costs totalling £7,753 for 2 Trustees12022: £5,159) plus other reimbursed expenses of £136 33
The Buddy Bag Foundation 7 Investment in subsidiary The charity holds 100 shares of £1 each in its wholly owned trading subsidiary company The Buddy Bag Ltd which is incorporated in England and Wales. These shares are allotted, called up and fully paid. The company is going to be used for non-primary trading activities. Available profits are gift aided to the charity under a deed of covenant. A summary of the results of the subsidiary is shown below.. 2023 2022 Net operating income 35,846 39,731 Net profit Amount gift aided to the charity under Deed of Covenant Retained in subsidiary 35,846 135,8461 39,731 139,7311 The assets and liabilities of the subsidiary were.. 31 Dec 2023 31 Dec 2022 Current assets Current liabilities Total net assets 35,946 135,8461 loo 39,901 139,8011 loo Aggregate share capital and reserves loo loo 8 Parent charity The parent charitys gross income and results for the year are disclosed as follows.. 2023 2022 Gross income Net income 246,269 22,548 226,211 50,027 9 Stock 2023 2022 2023 2022 Stock of Buddy Bears Other stock 3,708 loo 4,667 loo 3,708 loo 4,667 loo 3,808 4,767 3,808 4,767 10 Fixed Assets- Intangible Assets Group Charity 2023 2022 2023 2022 Trade Mark 170 170 34
The Buddy Bag Foundation 11 Debtors Group Charity 2023 2022 2023 2022 Income receivable donatior)s and Gift Aid Prepaid expenses Debtors 6,329 50 438 6,410 688 6,329 50 6,410 70 6,817 7,098 6,379 6,480 12 Creditors: Amounts falling due within one year Group Charity 2023 2022 2023 2022 Trade creditors Accruals and deferred income Other creditors Payable to subsidiary company 1,351 600 342 8,128 2,340 1,351 600 342 8,759 8,420 2,340 2,293 10,468 11,052 10,760 13 Movement in funds Current year Atl January 2023 At31 December 2023 Income & Gains Expenditure & Losses Restricted Funds Unrestricted Funds 23,836 206,346 44,872 252,941 150,2091 1228,9831 18,499 230,304 Total Funds 230,182 297,813 1279,1921 248,803 Previous year Atl January 2022 At31 December 2022 Income & Expenditure Gains & Losses Restricted Funds Unrestricted Funds 6,394 174,027 27,835 280,053 110,3931 1247,7341 23,836 206,346 Total Funds 180,421 307,888 1258,1271 230,182 35
The Buddy Bag Foundation Purpose of restrlcted funds Restricted funds are donations and donated goods, services and facilities which are specifically to cover the administration costs. 14 Analysis of Net Assets by Fund Unrestricted Funds Restricted Funds Total Funds 2023 Intangible fixed assets Current assets Creditors less than l year 170 232.427 12,2931 170 250,926 12,2931 18,499 Net assets 230,304 18,499 248,803 Unrestricted Funds Restricted Funds Total Funds 2022 Tangible fixed assets Current assets Creditors less than l year loo 216,714 110,4681 loo 240,550 110,4681 23.836 Net assets 206.346 23.836 230.182 15 Related party disclosures Live Love Laugh Limited generously make donations to the Charity which are specifically desiEnated to cover the administration costs. Live Love Laugh Limited is controlled by Karen Williams OBE (Trusteel and Chris Williams (Advisory Board Memberl. During the year Chris Williams donated £250 to the charity and P Tranter (Trusteel donated £100. Fenix Business Solutions Limited, a company in which S Mccarthy ITrusteel was a director, sold goods to the Charity in the sum of £1,860 during the year. The subsidiary company, The Buddy Bag Limited, was owed £8,758 by the parent, The Buddy Bag Foundation, at 31 December 2023. 36