## **The Buffalo Foundation**
## **Annual report and unaudited financial statements**
For the year ended 31 March 2022
Charity Registration Number 1177994
**The Buffalo Foundation**
## **Contents**
||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 - 16|
**The Buffalo Foundation**
## **Reference and administrative information**
For the year ended 31 March 2022
**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
1
**The Buffalo Foundation**
## **Trustees’ report**
For the year ended 31 March 2022
The trustees present their statutory report along with the financial statements of The Buffalo Foundation for the year ended 31 March 2022.
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 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 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 2022 and up to the date of approval of this report were:
J Golding T Hanley J Joubert S Thiele
2
**The Buffalo Foundation**
## **Trustees’ report (Continued)**
For the year ended 31 March 2022
## **OBJECTIVES AND ACTIVITIES**
The main objectives of the charity and their activities are:
- 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.
- 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 £45,109 (2021: £47,539). The charity worked with three 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 (2021: £10,000), 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.
**Songezo Academy** were the recipients of £18,201 (2021: £16,858) 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 2022-2023.
**CoachOne** were the recipients of £1,496 (2021: £1,475), used to support the coaches from the academies. CoachOne provides coaching to cyclists and is a partner of the Buffalo Foundation in order to improve the delivery of sport services across the academies we support. The trustees expect to continue providing these funds throughout 2022-2023.
**Bonga.org Cycling Academy** were the recipients of £3,248 (2021: £3,109), used to support the academy in South Africa. The trustees expect to continue providing these funds throughout 2022-23.
**Foundation for Community Work** were the recipients of £Nil (2021: £1,577).
Fundraising income by the charity in 2021/2022 was £17,302 (2021: £41,070) 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.
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
3
**The Buffalo Foundation**
## **Trustees’ report (Continued)**
For the year ended 31 March 2022
other fundraising events can be used to support good causes. The total contributions from Rainmaker Solutions Limited during the period of report amounted to £25,979 (2021: £29,179).
## **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 £43,281 (2021: £70,249). The cost of raising fund was £18,398 (2021: £14,762) and amount spent on charitable activities totalled to £45,109 (2021: £47,539) which brought total expenditure for the period to £63,507 (2021: £62,301). The result for the year ended 31 March 2022 was a deficit of £20,226 (2021: surplus of £7,948).
The balance of the unrestricted reserves as at 31 March 2022 was £7,423 (2021: £27,649) and restricted reserves totalled £Nil (2021: £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 2022 the charity’s unrestricted reserves was £7,423 (2021: 27,649).
It is anticipated that further charitable activities will occur in 2022/23 to be able to meet this target. Rainmaker Solutions Ltd will also provide support to meet any operating costs requirements if required.
Restricted funds are those funds held by the charity for specific charitable purposes. At 31 March 2022 this was £nil (2020: £nil).
## **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, Songezo Academy and Bonga.org Cycling Academy.
Given the impact of COVID-19 and the global financial climate, the Foundation is primarily concerned with supporting these causes throughout the 2022/2023 financial year and we do not anticipate being able to undertake any new funding, or significant increases to the funding for the three 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 and the global financial climate means we will be delaying providing funding directly to the UK.
4
**The Buffalo Foundation**
## **Trustees’ report (Continued)**
For the year ended 31 March 2022
## **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;
- 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;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK 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 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:
5
**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 2022.
## **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:
- 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
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 : 3 January 2023
6
**The Buffalo Foundation**
## **Statement of financial activities**
For the year ended 31 March 2022
|**Note**
**Income from:**
Donations
**3**
**Total income**
**Expenditure on:**
Raising funds
**4**
Charitable activities
**5**
**Total expenditure**
**Net expenditure and net movements in**
**funds**
**Reconciliation of funds:**
**Total funds brought forward**
**Total funds carried forward**|**Unrestricted**
**funds**
**£**
**43,281**
**43,281**
**18,398**
**45,109**
**63,507**
**(20,226)**
**27,649**
**7,423**|**Total funds**
**Year ended**
**31 March 2022**
**£**
**43,281**
**43,281**
**18,398**
**45,109**
**63,507**
**(20,226)**
**27,649**
**7,423**|
|---|---|---|
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 16 form part of these financial statements.
7
**The Buffalo Foundation**
## **Statement of financial activities**
For the year ended 31 March 2021 (comparative period)
|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|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 16 form part of these financial statements.
8
**The Buffalo Foundation – Registration number 1177994**
## **Statement of financial position**
As at 31 March 2022
|**Notes**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**11**
**Net current assets**
**Net assets**
**12**
**Charity Funds**
Unrestricted funds
- General funds
**Total funds**|**2022**
**£**
**2,333**
**14,243**
**16,576**
**(9,153)**
**7,423**
**7,423**
**7,423**
**7,423**|2021
£
1,569
34,849|
|---|---|---|
|||36,418
(8,769)|
|||27,649|
|||27,649|
|||27,649
27,649|
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 2022
## **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 2022 with comparative information presented for the year ended 31 March 2021.
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. Whilst the level of free reserves at the year end date falls short of the target required by the trustees, the trustees are aware that the charity has the continued financial support of Rainmaker Solutions Limited for a period of at least 12 months from the date of approval of these accounts. As such, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
## **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)).
10
**The Buffalo Foundation**
## **Notes to the financial statements**
For the year ended 31 March 2022
## **2. Accounting policies (continued)**
## **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:
- a. The costs of charitable activities comprise expenditure related to the charity‘s primary charitable purposes. Such costs include:
- Grants
- Related support costs
- 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:
- Direct costs
- Related support costs
- 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. Prepayments 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.
11
**The Buffalo Foundation**
## **Notes to the financial statements**
For the year ended 31 March 2022
## **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 from Rainmaker Solutions
Sponsorship
Other donations
**Total**
Recurring donations
One-off donations
Donations from Rainmaker Solutions
Sponsorship
Other donations
**Total**|**Unrestricted**
**2022**
**£**
**8,900**
**2,404**
**25,979**
**5,998**
**-**
**43,281**
Unrestricted
2021
£
9,825
18,866
29,179
5,129
7,250
70,249|**Total**
**2022**
**£**
**8,900**
**2,404**
**25,979**
**5,998**
**-**
**43,281**
Total
2021
£
9,825
18,866
29,179
5,129
7,250
70,249|
|---|---|---|
12
**The Buffalo Foundation**
## **Notes to the financial statements**
For the year ended 31 March 2022
## **4 Raising funds**
|Allocated support costs (note 7)
Printing, postage & stationery
Fundraising costs
**Total**|**Unrestricted**
**2022**
**£**
**16,508**
**-**
**1,890**
**18,398**|Unrestricted
2021
£
15,310
428
(976)
14,762|
|---|---|---|
## **5 Charitable activities**
|Bonga project
Kwano project
Songezo project
CoachOne
Foundation for
Community Work
Other charitable
donations
Bonga project
Kwano project
Songezo project
CoachOne
Foundation for
Community Work
Other charitable
donations||**Grant funding**
**of activities**
**(note 6)**
**£**
**3,248**
**10,000**
**18,201**
**1,496**
**-**
**-**
**32,945**
Grant funding
of activities
(note 6)
£
3,109
10,000
16,858
1,475
1,577
1,982
35,001||**Allocated**
**support**
**costs**
**(note 7)**
**£**
**1,199**
**3,692**
**6,720**
**553**
**-**
**-**
**12,164**
Allocated
support
costs
(note 7)
£
1,114
3,582
6,039
528
565
710
12,538||**Total**
**Unrestricted**
**funds**
**2022**
**£**
**4,447**
**13,692**
**24,921**
**2,049**
**-**
**-**
**45,109**
Total
Unrestricted
funds
2021
£
4,223
13,582
22,897
2,003
2,142
2,692
47,539|**Total**
**funds**
**2022**
**£**
**4,447**
**13,692**
**24,921**
**2,049**
**-**
**-**
**45,109**
Total
funds
2021
£
4,223
13,582
22,897
2,003
2,142
2,692
47,539|
|---|---|---|---|---|---|---|---|
13
**The Buffalo Foundation**
## **Notes to the financial statements**
For the year ended 31 March 2022
## **6 Grants**
|Grants paid during the period|**2022**
**£**
**32,945**
**32,945**|2021
£
35,001|
|---|---|---|
|||35,001|
Grants for the period have been made in support of the following charitable activities
|Social welfare|**2022**
**£**
**32,945**
**32,945**|2021
£
35,001
35,001|
|---|---|---|
The following institutions were awarded grants during the year ended 31 March 2022. Grants are not made to individuals.
|**Institutions**
Bonga
Kwano Cycling
Songezo Academy
CoachOne
Foundation for community
Other charitable donations
**7**
**Support costs**
**Raising**
**funds**
**(note 4)**
**£**
Staff costs
**658**
Consultancy fee
**10,326**
Bank & card fees
**304**
**11,288**
**Governance costs**
Accountancy &
examination fees
**5,220**
**16,508**|**Charitable**
**activities**
**(note 5)**
**£**
**1,536**
**10,325**
**303**|
|**2022**
**£**
**3,248**
**10,000**
**18,201**
**1,496**
**-**
**-**
**32,945**
**Total**
**Unrestricted**
**funds**
**2022**
**£**
**2,194**
**20,651**
**607**
**23,452**
**5,220**
**28,672**|2021
**£**
3,109
10,000
16,858
1,475
1,577
1,982
35,001
**Total funds**
**2022**
**£**
**2,194**
**20,651**
**607**|
|---|---|---|---|---|
||**12,164**
**-**|||**23,452**
**5,220**|
||**12,164**|||**28,672**|
14
**The Buffalo Foundation**
## **Notes to the financial statements**
For the year ended 31 March 2022
|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 funds
2021
£
5,820
16,090
270
568
22,748
5,100
27,848|
|---|---|---|---|---|
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|**2022**
**£**
**3,060**
**2,160**
**5,220**|2021
£
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
**11**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals|**2022**
**£**
**2,333**
**2,333**
**2022**
**£**
**3,993**
**5,160**
**9,153**|**2021**
**£**
1,569
**1,569**
2021
£
3,669
5,100
8,769|
|---|---|---|
15
**The Buffalo Foundation**
## **Notes to the financial statements**
For the year ended 31 March 2022
## **12 Allocation of net assets between funds**
The allocation of net assets between funds as at 31 March 2022 are represented by:
|Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**2022**
**£**
16,576
(9,153)
7,423|**Total**
**funds**
**2022**
**£**
16,576
(9,153)
7,423|
|---|---|---|
## **Allocation of net assets between funds (prior year)**
The allocation of net assets between funds as at 31 March 2021 are represented by:
|Current assets
Current liabilities
Total net assets|Unrestricted
funds
2021
£
36,418
(8,769)
27,649|Total
funds
2021
£
36,418
(8,769)
27,649|
|---|---|---|
## **13 Related party transactions**
During the year ended 31 March 2022, donations were received by the charity from trustees J Joubert £1,200 (2021: £1,000) and T Hanley £1,200 (2021: £1,100).
During the year, Rainmaker Solutions Limited donated £25,979 (2021: £29,179) to the charity. Rainmaker Solutions Limited also provided services to the charity totalling £22,979 (2021: £22,079). At the reporting date, the amount owed was £1,833 (2021: £1,569). 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 2022 (2021: none).
16