The Buffalo Foundation
Annual report and unaudited financial statements
For the year ended 31 March 2021
Charity Registration Number 1177994
The Buffalo Foundation
Contents
| Page | Page | Page | |
|---|---|---|---|
| Reference and administrative details | 1 | ||
| Trustees�report | 2 | 5 | |
| Independent examiner�s report | 6 | ||
| Statement of financial activities | 7 | 8 | |
| Statement of financial position | 9 | ||
| Principal accounting policies | 10 | 12 | |
| Notes to the accounts | 12 | 17 |
The Buffalo Foundation
Reference and administrative information
For the year ended 31 March 2021
Trustees J Golding T Hanley J Joubert S Thiele Charity registered number 1177994 Registered office St. Peters House 130 Wood Street London EC2V 6DL Independent examiner Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Clydesdale Bank 35 Regent Street London SW1Y 4ND
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The Buffalo Foundation
Trustees�report
For the year ended 31 March 2021
The trustees present their statutory report along with the financial statements of The Buffalo Foundation for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out on pages 10 to 12 and comply with the charity�s governing document, the Charities Act 2011 and 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 United Kingdom and Republic of Ireland�(�FRS�102).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Buffalo Foundation (�the charity�) is a charitable incorporated organisation (CIO), not having share capital and was incorporated on 17 April 2018. It operates in accordance with a Constitution adopted on 28 March 2018. If the charity is wound up, the members have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Organisation and management
The trustees make the key decisions about the conduct of the charity. The trustees give their time voluntarily and do not receive any remuneration for their services to the charity. The administration of the charity was carried out by a team of coordinators comprised of Jamal Burns, Katie Roberts, Luke Treadwell and Shameeg Salie who are employed by Rainmaker Solutions Limited.
Rainmaker Solutions Limited is a related party and provides financial support to the charity.
The trustees alone are considered the key management personnel of the charity.
Recruitment and appointment of Trustees
The trustees have complete control of the charity in relation to the application of funds. Trustees are appointed in accordance with the charity�s governing document. All decision making of the charity is made in accordance with the charity�s Conflicts of Interest policy.
Trustees
The trustees of the charity during the year ended 31 March 2021 and up to the date of approval of this report were:
J Golding T Hanley J Joubert S Thiele
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The Buffalo Foundation
Trustees�report (Continued)
For the year ended 31 March 2021
OBJECTIVES AND ACTIVITIES
The main objectives of the charity and their activities are:
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The advancement of education of disadvantaged people in the UK and around the world through the provision of grants or services that would enable them to participate in educational opportunities that would improve their life skills and career opportunities that would lift themselves and their families from poverty.
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The promotion of community participation in healthy recreation in the UK and around the world by the provision of facilities for the playing of amateur sports, in particular but not exclusively cycling, for persons who, by reasons of poverty, economic or social circumstances may not otherwise have access to such facilities.
Public benefit statement
The trustees of the charity have given due regard to the Charity Commission�s guidance on public benefit and have taken reasonable steps to ensure that this guidance has been considered in the activities undertaken by the charity to deliver its charitable purposes.
The charity delivers a benefit to the public through the pursuance of its principal objects, in particular the advancement of education and promotion of community participation.
ACHIEVEMENTS AND PERFORMANCE
The charity made payments to projects the trustees elected to support totalling £35,001 (2020: £57,238). The charity worked with various South African academies with the aim to uplift disadvantaged communities through access to sport and education and these make up the majority of the charity�s support for this year.
Kwano Cycling Academy were the recipients of £10,000 (2020: £30,509), used to cover operational costs of managing the Academy which focuses on the coaching of young cycling talent. This is the continuation of a longer term partnership.
Velokhaya Life Cycling Academy were the recipients of £nil (2020: £503).
Songezo Academy were the recipients of £16,858 (2020: £11,993) used to support the living wage of the cycling coach and to provide amenities to the Academy. This is the start of a longer term partnership and the trustees expect to continue providing these funds throughout 2021 2022.
CoachOne were the recipients of £1,475 (2020: £640), used to provide coaching advice and guidance to the academies. The trustees expect to continue providing these funds throughout 2021 2022.
Bonga.org Cycling Academy were the recipients of £3,109 (2020: £nil), used to support the academy in South Africa. The trustees expect to continue providing these funds throughout 2021 22.
Foundation for Community Work were the recipients of £1,577 (2020: £nil).
Fundraising income by the charity in 2020/2021 was £41,070 (2020: £54,603) comprising of a series of regular donations made under the Buffalo Club, the regular gift programme established by the charity and donations made at events hosted by the charity.
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The Buffalo Foundation
Trustees�report (Continued)
For the year ended 31 March 2021
Additionally, some of the operational expenditure of the charity is covered by a monthly donation from Rainmaker Solutions, meaning that all funds raised from members of the public, our corporate supporters and other fundraising events can be used to support good causes. The total contributions from Rainmaker Solutions Limited during the period of report amounted to £29,179 (2020: £76,866).
FINANCIAL REVIEW
Results for the year
The results for the year are shown in the statement of the financial activities on page 7. During the year, the charity received donations and other income totalling of £70,249 (2020: £131,469). The cost of raising fund was £14,762 (2020: £35,043) and amount spent on charitable activities totalled to £47,539 (2020: £102,784) which brought total expenditure for the period to £62,301 (2020: £137,827). The result for the year ended 31 March 2021 was a surplus of £7,948 (2020: £6,358 deficit).
The balance of the unrestricted reserves as at 31 March 2021 was £27,649 (2020: £19,701) and restricted reserves totalled £nil (2020: £nil).
Reserves policy
The level of reserves is monitored and reviewed by the trustees at least annually. The trustees believe that the charity should target to hold unrestricted financial reserves equivalent to a minimum of four month�s operating costs.
As at 31 March 2021 the charity�s unrestricted reserves was £27,649. This is in line with the target set out in the reserves policy above.
Plans for future years
The charity intends on continuing to support the projects it currently has funding agreements with. This includes Kwano Academy, under a continuation of the previous agreement (which runs until July 2021, and with the intention to continue the funding of their work), and Bonga.org Cycling Academy.
Given the impact of COVID 19, the Foundation is primarily concerned with supporting these causes throughout the 2021/2022 financial year and we do not anticipate being able to undertake any new funding, or significant increases to the funding for the existing academies we support. Our focus will be on ensuring the financial sustainability of both the Foundation and the academies we support, and our attention will turn to securing partnerships with potential donors.
As previously mentioned, the trustees would like to actively explore the possibility of funding a UK based project in line with the Charity�s objectives. However as noted, the impact of COVID 19 means we will be delaying providing funding directly to the UK.
The impact of coronavirus on the charity
The charity continues to monitor the situation regarding coronavirus, and how this will impact our supported projects. For the academies we are preparing an emergency appeal to mitigate impacts of the pandemic on communities.
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The Buffalo Foundation
Trustees�report (Continued)
For the year ended 31 March 2021
Trustees' responsibilities statement
The trustees are responsible for preparing the Trustees�Report and the financial statements in accordance with 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).
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 income and expenditure of the charity for the year.
In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in �Accounting and Reporting by Charities; Statement of recommended practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. 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 maintenance and integrity of the charity and financial information included on the charity�s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
This report was approved by the trustees and signed on their behalf by:
T Hanley Trustee
Date:
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The Buffalo Foundation
Independent examiner�s report to the trustees of The Buffalo Foundation
I report to the charity trustees on my examination of the accounts of The Buffalo Foundation for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2001 (�the Act�)
I report in respect of my examination of the charity�s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner�s statement
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charity (Accounts and Reports) Regulations 2008 other than requirement that the accounts give a �true and fair view�which is not a matter considered as part of an independent examination.
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.
Gumayel Miah, ACA Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL
Date 31 January 2022
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The Buffalo Foundation
Statement of financial activities
For the year ended 31 March 2021
| Note Income from: Donations 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income and net movements in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds £ 70,249 70,249 14,762 47,539 62,301 7,948 19,701 27,649 |
Restricted funds £ |
Total funds Year ended 31 March 2021 £ 70,249 70,249 14,762 47,539 62,301 7,948 19,701 27,649 |
|---|---|---|---|
All activities relate to continuing operations.
All recognised gains and losses are included in the above statement of financial activities.
The notes on pages 10 to 17 form part of these financial statements.
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The Buffalo Foundation
Statement of financial activities
For the year ended 31 March 2020 (comparative period)
| Note Income from: Donations 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income/(expenditure) before transfers Transfer between funds 12 Net movements in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds £ 121,683 121,683 35,043 78,375 113,418 8,265 (13,611) (5,346) 25,047 19,701 |
Restricted funds £ 9,786 9,786 24,409 24,409 (14,623) 13,611 (1,012) 1,012 |
Total funds Year ended 31 March 2020 £ 131,469 131,469 35,043 102,784 137,827 (6,358) |
|---|---|---|---|
| (6,358) | |||
| 26,059 19,701 |
All activities relate to continuing operations.
All recognised gains and losses are included in the above statement of financial activities.
The notes on pages 10 to 17 form part of these financial statements.
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The Buffalo Foundation �Registration number 1177994
Statement of financial position
As at 31 March 2021
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Net assets 13 Charity Funds Unrestricted funds General funds Restricted funds 12 Total funds |
2021 £ 1,569 34,849 36,418 (8,769) 27,649 27,649 27,649 27,649 |
2020 £ 2,114 24,877 |
|---|---|---|
| 26,991 (7,290) |
||
| 19,701 19,701 19,701 19,701 |
The financial statements were approved by the trustees and signed on their behalf by:
T Hanley Trustee
Date:
9
The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
1. General information
The Buffalo Foundation (�the charity�) is a charitable incorporated organisation (CIO), not having share capital and is incorporated in England and Wales. The charity registration number is 1177994. Its registered office and principal place of business is St. Peters House, 130 Wood Street, London, EC2V 6DL.
2. Accounting policies
2.1 Basis of preparation
These accounts have been prepared for the year ended 31 March 2021 with comparative information presented for the year ended 31 March 2020.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or in the notes to these accounts.
The financial statements have been prepared in accordance with �Accounting and Reporting by Charites: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the financial reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)�, �The financial reporting standard applicable in the UK and Republic of Ireland (�FRS�102)�and the Charities Act 2011.
The charity constitutes as public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
2.2 Critical accounting estimates and areas of judgement
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company�s accounting policies.
The following principal accounting policies have been applied:
2.3 Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
In forming this conclusion, the trustees have given due regard to the ongoing Covid 19 pandemic. The trustees have contingency plans in place to mitigate any negative effects and therefore do not believe that the effect of the coronavirus will be significant. The financial statements have therefore been prepared on the going concern basis.
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The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
2. Accounting policies (continued)
2.4 Cash flow statement
The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to produce such a statement under Accounting and Reporting by charities Statement of Recommended Practice (Charities SORP (FRS 102)).
2.5 Income recognition
Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably and it is probable that income will be received. Where income relates to future periods, this income will be deferred. Grants and donations received for the general purposes of the charitable company are included as unrestricted funds; grants and donations for activities restricted by the wishes of the donor are taken to restricted funds.
2.6 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is included in the accounts on an accruals basis and included attributable VAT, which cannot be recovered.
Expenditure is allocated to the particular activity on a direct basis or by allocation based on the level of direct expenditure relating to that activity.
Expenditure comprises the following:
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a. The costs of charitable activities comprise expenditure related to the charity�s primary charitable purposes. Such costs include:
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Grants
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Related support costs
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b. The cost of raising funds comprises expenditure related to the charity�s expenses in relation to raising funds for the charity. Such costs include:
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Direct costs
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Related support costs
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c. Support costs are the costs associated with the governance arrangements of the charity and the general running of the charity. Included within this category are costs associated with the strategic management of the charity�s activities as opposed to day to day management. Support costs are allocated on the basis of time spent of these activities.
2.7 Debtors
Debtors are recognised at their settlement amount, less any provisions for non recoverability. Prepayment are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
2.8 Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisitions.
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The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
2. Accounting policies (continued)
2.9 Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
2.10 Taxation
The Buffalo Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
2.11 Fund accounting
Restricted funds are to be used for specific purposes as specified by the donor. Expenditure which meets their criteria is charged to the fund.
Unrestricted general funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the charity.
3 Donations and legacies
| Recurring donations One off donations Donations for Qhubeka Donations from Rainmaker Solutions Sponsorship Other donations Total Recurring donations One off donations Donations for Qhubeka Donations from Rainmaker Solutions Sponsorship Other donations Total |
Unrestricted 2021 £ 9,825 18,866 29,179 5,129 7,250 70,249 Unrestricted 2020 £ 12,100 14,445 76,866 9,249 9,023 121,683 |
Restricted 2021 £ Restricted 2020 £ 9,786 9,786 |
Total 2021 £ 9,825 18,866 29,179 5,129 7,250 70,249 Total 2020 £ 12,100 14,445 9,786 76,866 9,249 9,023 131,469 |
|---|---|---|---|
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The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
4 Raising funds
| Allocated support costs (note 7) Merchandise Marketing Printing, postage & stationery Fundraising costs Total |
Unrestricted 2021 £ 15,310 428 (976) 14,762 |
Unrestricted 2020 £ 31,137 508 868 10 2,520 35,043 |
|---|---|---|
5 Charitable activities
| Bonga project Kwano project Qhubeka project Songezo project Velokhaya project CoachOne Foundation for Community Work Other charitable donations Kwano Project Qhubeka project Songezo project Velokhaya project CoachOne |
Grant funding of activities (note 6) £ 3,109 10,000 16,858 1,475 1,577 1,982 35,001 Grant funding of activities (note 6) £ 30,509 13,593 11,993 503 640 57,238 |
Allocated support costs (note 7) £ 1,114 3,582 6,039 528 565 710 12,538 Allocated support costs (note 7) £ 24,277 10,816 9,543 401 509 45,546 |
Total Unrestricted funds 2021 £ 4,223 13,582 22,897 2,003 2,142 2,692 47,539 Total Unrestricted funds 2020 £ 54,786 21,536 904 1,149 78,375 |
Total Restricted funds 2021 £ Total Restricted funds 2020 £ 24,409 24,409 |
Total funds 2021 £ 4,223 13,582 22,897 2,003 2,142 2,692 47,539 Total funds 2020 £ 54,786 24,409 21,536 904 1,149 102,784 |
|---|---|---|---|---|---|
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The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
6 Grants
| Grants paid during the period Grants committed but not yet paid at 31 March 2021 |
2021 £ 35,001 35,001 |
2020 £ 57,238 |
|---|---|---|
| 57,238 |
Grants for the period have been made in support of the following charitable activities
| Social welfare | 2021 £ 35,001 35,001 |
2020 £ 57,238 57,238 |
|---|---|---|
The following institutions were awarded grants during the year ended 31 March 2021. Grants are not made to individuals.
| Institutions Bonga Kwano Cycling Qhubeka Songezo Academy Velokhaya Life Cycling Academy CoachOne Foundation for community Other charitable donations |
2021 £ 3,109 10,000 16,858 1,475 1,577 1,982 35,011 |
2020 £ 30,509 13,593 11,993 503 640 57,238 |
|---|---|---|
7 Support costs
| Staff costs Consultancy fee Administrative costs Bank & card fees Governance costs Accountancy & examination fees |
Raising funds (note 4) £ 1,746 8,045 135 284 10,210 5,100 15,310 |
Charitable activities (note 5) £ 4,074 8,045 135 284 12,538 12,538 |
Total Unrestricted funds 2021 £ 5,820 16,090 270 568 22,748 5,100 27,848 |
Total Restricted funds 2021 £ |
Total funds 2021 £ 5,820 16,090 270 568 |
|---|---|---|---|---|---|
| 22,748 5,100 27,848 |
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The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
| Staff costs Postage & stationery Consultancy fee Accommodation Subsistence Travel Administrative costs Bank & card fees Governance costs Accountancy & examination fees |
Raising funds (note 4) £ 14,632 45 7,787 293 1,329 1,294 76 581 26,037 5,100 31,137 |
Charitable activities (note 5) £ 34,140 45 7,787 293 1,329 1,295 76 581 45,546 45,546 |
Total Unrestricted funds 2020 £ 48,772 90 15,574 586 2,658 2,589 152 1,162 71,583 5,100 76,683 |
Total Restricted funds 2020 £ |
Total funds 2020 £ 48,772 90 15,574 586 2,658 2,589 152 1,162 |
|---|---|---|---|---|---|
| 71,583 5,100 76,683 |
Support costs are allocated on time spent on activities.
The charity has not employed any staff directly. Administrative services are supplied by staff employed by Rainmaker Solutions Limited which are subsequently recharged to the charity.
8 Independent examiner�s remuneration
| Accountancy fee Independent examination fee |
2021 £ 3,000 2,100 5,100 |
2020 £ 3,000 2,100 5,100 |
|---|---|---|
9 Trustees�remuneration
No trustees received any emoluments for their services as trustees during the period. No trustees were reimbursed for any expenses during the period.
10 Debtors
| Trade debtors | 2021 £ 1,569 1,569 |
2020 £ 2,114 2,114 |
|---|---|---|
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The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
11 Creditors: amounts falling due within one year
| Trade creditors Accruals Restricted funds Qhubeka Project Qhubeka Project |
At 31 March 2020 £ At 31 March 2019 £ 1,012 1,012 |
Income £ Income £ 9,786 9,786 |
Expenditure £ Expenditure £ (24,409) (24,409) |
2021 £ 3,669 5,100 8,769 Transfer from Unrestricted funds £ Transfer from Unrestricted funds £ 13,611 13,611 |
2020 £ 2,190 5,100 7,290 At 31 March 2021 £ At 31 March 2020 £ |
|
|---|---|---|---|---|---|---|
12 Restricted funds
The specific purposes for which the funds are to be applied are as follows:
Qhubeka Project �The fund is used for the sole purpose of providing grants to Qhubeka in order to provide bicycles to the community of Kwanokathula, South Africa.
13 Allocation of net assets between funds
The allocation of net assets between funds as at 31 March 2021 are represented by:
| Current assets Current liabilities Total net assets |
Restricted funds 2021 £ |
Unrestricted funds 2021 £ 36,418 (8,769) 27,649 |
Total funds 2021 £ 36,418 (8,769) 27,649 |
|---|---|---|---|
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The Buffalo Foundation
Notes to the financial statements
For the year ended 31 March 2021
Allocation of net assets between funds (prior year)
The allocation of net assets between funds as at 31 March 2020 are represented by:
| Current assets Current liabilities Total net assets |
Restricted funds 2020 £ |
Unrestricted funds 2020 £ 26,991 (7,290) 19,701 |
Total funds 2020 £ 26,991 (7,290) 19,701 |
|---|---|---|---|
14 Related party transactions
During the year ended 31 March 2021, donations were received by the charity from trustees J Joubert £1,000 (2020: £800) and T Hanley £1,100 (2020: £1,100).
During the period, Rainmaker Solutions Limited donated £29,179 (2020: £76,866) to the charity. Rainmaker Solutions Limited also provided services to the charity totalling £22,079 (2020: £76,866). At the reporting date, the amount owed was £1,569 (2020: £2,114). J Joubert and T Hanley are also the directors of Rainmaker Solutions Limited.
There were no other related party transactions during the year ended 31 March 2021 (2020: none).
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