Charity number: 326898
THE BORIS KARLOFF CHARITABLE FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE BORIS KARLOFF CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Trustees' responsibilities statement | 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 18 |
THE BORIS KARLOFF CHARITABLE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
| Trustees | J Fairclough |
|---|---|
| O M Lewis | |
| C Fairclough | |
| N Comerford (10/10/2023) | |
| I R Ford (10/10/2023) | |
| Charity registered number 326898 Principal office 2 Putney Hill London SW15 6AB Independent examiner MHA Chartered Accountants MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS Bankers Coutts & Co 440 Strand London WC2R 0QS Solicitors Russell-Cooke LLP 2 Putney Hill London SW15 6AB Investment Manager Rathbones incorporating Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN |
Page 1
THE BORIS KARLOFF CHARITABLE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the Charity for the year from 6 April 2023 to 5 April 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the Charity.
Objectives and activities
a. Policies and objectives
The principal object and purpose of the Charity, as per its governing document, is for the benefit of such exclusively charitable objects and purposes as the Trustees in their absolute discretion think fit.
The Trustees are empowered to pay or apply income and capital of the Charity for the benefit of such charitable objects as the Trustees decide.
b. Activities undertaken to achieve objectives and to further the Charity's purposes for the public benefit
The main activities undertaken in relation to the purposes of the Charity, as per its governing document, are as follows:
The Charity provides grants to other charitable organisations with particular emphasis on those connected with the performing arts and the promotion of cricket in accordance with the wishes of Boris Karloff's widow Evelyn Karloff when establishing the Foundation. The performing arts support the well-being of citizens.
c. Statement on public benefit
In setting objectives and planning for current and future activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
THE BORIS KARLOFF CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Achievements and performance
a. Review of activities and achievements
The Charity received about 100 request for donations and grants, all of which were carefully considered by the trustees, but in view of the income of the charity, grants were given to approximately one third of the applicants as set out in Note 5 of these accounts. A substantial proportion of grants made relate to the performing arts and the rest relate to cricket.
The grants that the Charity gave enabled performing arts organisations to extend their projects to benefit more participants and in some cases to benefit the wider public. Grants were given to individual drama students from disadvantaged backgrounds who were selected by their colleges. Money was given to theatre projects to subsidise seat prices to reach those who seldom have the opportunity to visit a performing arts venue. Money was also given to small theatre companies to enable them to run projects in schools to bring an appreciation of the performing arts to young people. Other courses gave disabled actors a chance to perform. Writers, composers, actors, directors, singers and technicians in the theatre were all supported at a time when public money for the performing arts is even more severely limited. Two organisations new to the Foundation were particularly appreciative of support. A London theatre received a grant for a new closed caption facility to assist deaf people to enjoy a theatre performance without distracting a hearing audience. An opera company who support young opera singers went on to win two Off West End awards. The grants were widespread in scope. The Foundation supported a choir in a large psychiatric hospital and a creative writing group in a prison. With regard to grants to support cricket, the Foundation again provided funds for groups of youngsters from Inner London boroughs, some of whom were disabled,to spend a residential week in Sussex to improve their cricketing skills and enjoy other activities and visits. The Foundation also supported a Caribbean cricket festival, which was a big success and helped build community ties. Other grants were given to small clubs to purchase equipment and improve facilities.
b. Investment policy and performance
The Trustees have very wide ranging investment powers under the Trust deed. The Trustees have appointed Investec Wealth & Investment Limited to act as fund manager on their behalf. Investment Managers hold the fund on an advisory basis. The Trustees monitor investment performance.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 3
THE BORIS KARLOFF CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
b. Financial review
During the year the Charity received total income of £100,510 (2023 - £85,001). The majority of this came from the Charity's income from investments which totaled £99,737 (2023 - £84,747). The remainder of the income came from Bank interest receivable of £773 (2023 - £254) and Royalty income of £Nil (2023 - £Nil).
Total expenditure for the year was £108,920 (2023 - £93,062). Of this the Charity provided Grants to institutions totaling £72,848 (2023 - £68,800). Details of the grant recipients can be found in Note 5. Investment management costs totaled £20,119 (2023 - £15,828) whilst other Support costs totaled £15,953 (2023 - £8,434). A breakdown of these costs can be seen in the Statement of Financial Activities.
The net expenditure for the year before investment gains and losses was £8,410 (2023 - net expenditure £8,061). During the year the Charity's investments recorded a revaluation gain of £121,346 (2023 - loss of £180,434) resulting in an overall net gain after investment gains of £112,936 (2023 - net loss of £188,495).
c. Reserves policy
The Charity is a grant making Charity and its income generating assets are held as investments and cash deposits. The Trustees apply the income derived through giving grants to charitable bodies. It is the Trustees' policy to utilise all income arising, although in any given year a surplus or deficit may arise and the size of any surplus or deficit will vary according to the timing of grant payments. The Trustees will always retain in the Coutts account sufficient reserves to cover any expenses for the following year. During the current year the expenditure totalled £108,920. The cash held in the Coutts account as at the year-end was £88,122 and is therefore considered to be in the appropriate range.
The General fund has been established to recognise all income and expenditure in respect of activities undertaken by the Charity outside the Endowment fund. At the year end, the balance held in this fund amounted to £100,875 (2023 - £89,166).
The Endowment fund is expendable in nature, and is considered to consist of the value of the investments, including the capital bank account. Where necessary funds are transferred to the Unrestricted fund to support the grant giving. At the year end, the balance held in the endowment fund amounted to £3,191,031 (2023 - £3,089,804).
Structure, governance and management
a. Constitution
A Deed of Settlement dated 18 June 1985 established this Charitable Trust. On 1 June 1993 Mrs E Karloff died and under the terms of her will, the residue of her estate was bequeathed to the Trustees. The Charity is registered with the Charity Commission (Charity registration number 326898) in England and Wales.
The Deed empowers the Trustees to retain the capital and pay or 'apply' the income. However it also allows the Trustees the option of spending "the whole or such part or parts of the capital of the Trust Fund as the Trustees in their absolute discretion think fit".
b. Methods of appointment or election of Trustees
The management of the Foundation is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The power of appointing new Trustees is vested in the Trustees.
Page 4
THE BORIS KARLOFF CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Structure, governance and management (continued)
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ ¢ Falrclough C Fairclough Trustee Trustee
Date: Date: January 9, 2025
Page 5
THE BORIS KARLOFF CHARITABLE FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
................................................ ¢ Fairclough C Fairclough Trustee Trustee
Date: January 9, 2025 Date:
Page 6
THE BORIS KARLOFF CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent examiner's report to the Trustees of The Boris Karloff Charitable Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024, which are set out on pages 6 to 16.
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 2011 ('the 2011 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 2011 Act; or
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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 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.
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:
Dated: 9th January 2025
Rachel Doyle FCCA ACA DChA
MHA, Chartered Accountants, MHA House, Charter Court, Swansea Enterprise Park, Swansea, SA7 9FS
Page 7
THE BORIS KARLOFF CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Dividends and interest from investments Bank interest receivable Total income Expenditure on: Grants to institutions Legal and professional fees Bank charges Independent examination Other expenses Investment management costs Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Other recognised gains: Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 99,737 773 100,510 72,848 11,100 506 4,347 - - 88,801 11,709 - 11,709 89,166 11,709 100,875 |
Endowment funds 2024 £ - - - - - - - - 20,119 20,119 (20,119) 121,346 101,227 3,089,804 101,227 3,191,031 |
Total funds 2024 £ 99,737 773 100,510 72,848 11,100 506 4,347 - 20,119 108,920 (8,410) 121,346 112,936 3,178,970 112,936 3,291,906 |
Total funds 2023 £ 84,747 254 85,001 68,800 3,750 385 4,140 159 15,828 93,062 (8,061) (180,434) (188,495) 3,367,465 (188,495) 3,178,970 |
|---|---|---|---|---|
Page 8
THE BORIS KARLOFF CHARITABLE FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Investments | 6 | 3,139,385 | 3,067,085 | |||
| 3,139,385 | 3,067,085 | |||||
| Current assets | ||||||
| Debtors | 7 | 18,583 | 15,058 | |||
| Cash at bank and in hand | 140,744 | 102,126 | ||||
| 159,327 | 117,184 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 8 | (6,806) | (5,299) | |||
| Net current assets | 152,521 | 111,885 | ||||
| Total net assets | 3,291,906 | 3,178,970 | ||||
| Charity funds | ||||||
| Endowment funds | 9 | 3,191,031 | 3,089,804 | |||
| Unrestricted funds | 9 | 100,875 | 89,166 | |||
| Total funds | 3,291,906 | 3,178,970 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ C Fairclough C Fairclough Trustee Trustee
Date: Date: January 9, 2025
The notes on pages 10 to 18 form part of these financial statements.
Page 9
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. General information
The Boris Karloff Charitable Foundation is a registered charitable Trust (Charity registered number 326898) with the Charity Commission in England and Wales.
The address of the registered office is given in the Foundation information on page 1 of these financial statements.
The nature of the Foundation operations and principal activity is for the benefit of such exclusively charitable objects and purposes as the Trustees in their absolute discretion think fit.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Boris Karloff Charitable 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.
The financial statements are prepared in pounds sterling which is both the functional and presentational currency of the Foundation and are rounded to the nearest pound sterling.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Foundation to be able to continue as a going concern.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 10
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
There were no staff costs incurred in either period.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are a form of basic financial instrument and are initially recognised at their transaction cost and subsequently continuously measured at fair value using the closing quoted market price at the Balance Sheet date using the mark to market basis of valuation. All gains and losses are taken to the Statement of Financial Activities as they arise.
The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. As investments are revalued to fair value continuously, no realised gains or losses arise.
The Foundation does not acquire or hold put options, derivatives, or other complex financial instruments.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 11
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Accounting policies (continued)
2.8 Liabilities and provisions
Liabilities 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.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The Charity only holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows:
Debtors - sundry debtors and accrued income are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 7. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Liabilities - accruals and other creditors are classified as financial instruments and are measured at amortised cost as detailed in Note 8.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Expendable Endowment funds represent those assets which must be held by the Foundation but can be applied on charitable activities at the discretion of the Trustees. Income arising on the endowment funds can be used in accordance with the objects of the Foundation and is included in unrestricted income. Investment management costs are deducted directly from the endowment fund.
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 4,347 | 4,140 |
4. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £159 reimbursed to 1 Trustee) .The expenses incurred in 2023 of £159 are still outstanding at the year end.
Page 13
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
5. Grants to Institutions
| Almeida Theatre | - | 2,000 |
|---|---|---|
| Armonico | - | 1,500 |
| Arundel Castle Cricket Foundation | 5,000 | 5,000 |
| Ballet Lorent | - | 1,000 |
| Barnsley Youth Choir | - | 1,000 |
| Brixton House | - | 1,000 |
| Carousel | 750 | 750 |
| Cherwell Theatre Company | 1,000 | 1,000 |
| Chickenshed Theatre | - | 1,000 |
| Circus Star | 1,200 | 1,000 |
| City of London Sinfonia | 1,500 | - |
| Clowns in the Sky | 600 | - |
| Constella | - | 1,000 |
| Create | 1,000 | 1,000 |
| Devon Development Education | - | 1,000 |
| Discover Drama | 2,000 | - |
| Donmar Theatre | 2,000 | 2,000 |
| Exmouth Cricket Club | - | 1,000 |
| Gabrieli | 2,000 | - |
| Gloucestershire Academy of Music | - | 1,500 |
| Group 64 | - | 1,000 |
| Halle | - | 1,500 |
| Interact Stroke | 1,000 | - |
| Krazy Kat Theatre | 1,000 | - |
| The London Academy of Music and Dramatic Art (LAMDA) | 6,000 | 6,000 |
| London Sinfonietta | 1,000 | 1,000 |
| Masterclass | 1,500 | - |
| Music Masters | 1,000 | - |
| Papatango | 3,500 | - |
| Polka Theatre | 1,000 | - |
| RADA | 6,000 | - |
| Royal Scottish National Orchestra | 1,500 | 1,500 |
| Scene & Heard | 1,500 | - |
| Sound & Music | 2,000 | - |
| Southwark Playhouse | 1,748 | - |
| Twos Company | 2,000 | - |
| Two Moors Festival | 2,000 | - |
| The Yard | 2,500 | - |
| Wilton's Music Hall | 1,200 | - |
Page 14
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
| Sub-total brought forward Benslow Music Berkshire Chamber Music Festival Crediton Arts Hampstead Theatre London Youth Choirs Masterclass Mind & Soul Community Choir MMD National Youth Jazz Orchestra Offshoot Foundation Olympias Over Wallop CC PapaTango Theatre Company Quay Theatre RADA (The Boris Karloff Scholarship Fund) HGO Trust Really Promising Company The Rude Mechanical Theatre Company Scene and Heard Simonside CC Snitterfield Village Hall Sound and Music Southend Cricket Club Southwark Playhouse Strange Town Sudden Productions Suffolk Philharmonic Orchestra Troupe Productions Two Moors Festival Tyne Theatre & Opera House Welsh National Opera Wilton's Music Hall Trust The Yard Theatre Ltd Youth Music Centre Yvonne Arnaud Theatre Management Ltd Zest Theatre 16 Feet Production |
2024 £ 53,498 1,000 660 800 1,270 - - 1,120 2,000 - 1,000 - 1,000 - 1,000 - 2,000 - - - 1,000 2,000 - - - - - - - - 2,000 - - - - - 1,000 1,500 72,848 |
2023 £ 32,250 - - - - 1,000 1,500 - - 1,000 - 1,000 - 3,000 - 6,000 - 800 1,000 1,500 - - 1,500 1,250 2,000 1,000 500 1,000 1,000 2,000 - 1,500 1,000 2,500 1,000 2,000 - - 67,300 |
|---|---|---|
Page 15
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
6. Fixed asset investments
| Cost or valuation At 6 April 2023 Additions Disposals Revaluations At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
Listed investments £ 3,067,085 438,593 (487,639) 121,346 3,139,385 3,139,385 3,067,085 |
|---|---|
The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.
Included within Cash at Bank and in Hand is the Capital Cash account of £52,896 (2023 - £23,719).
7. Debtors
| Due within one year Prepayments and accrued income |
2024 £ 18,583 18,583 |
2023 £ 15,058 |
|---|---|---|
| 15,058 |
8. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 6,806 | 5,299 |
Page 16
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
9. Statement of funds
Statement of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2023 | Income | Expenditure | (Losses) | April 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 89,166 | 100,510 | (88,801) | - | 100,875 |
| Endowment funds | |||||
| Expendable Endowment fund | 3,089,804 | - | (20,119) | 121,346 | 3,191,031 |
| Total of funds | 3,178,970 | 100,510 | (108,920) | 121,346 | 3,291,906 |
| Statement of funds - prior year | |||||
| Balance at | Gains/ | Balance at | |||
| 1 April 2022 | Income | Expenditure | (Losses) | 5 April 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 81,399 | 85,001 | (77,234) | - | 89,166 |
| Endowment funds | |||||
| Expendable Endowment fund | 3,286,066 | - | (15,828) | (180,434) | 3,089,804 |
| Total of funds | 3,367,465 | 85,001 | (93,062) | (180,434) | 3,178,970 |
The General fund has been established to recognise all income and expenditure in respect of activities undertaken by the Charity outside the Endowment fund.
The Endowment fund is expendable in nature, and is considered to consist of the value of the investments, including the capital bank account. Where necessary funds are transferred to the unrestricted fund to support the grant giving.
Page 17
THE BORIS KARLOFF CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
10. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments - Current assets 106,431 Creditors due within one year (5,556) Total 100,875 |
Endowment funds 2024 £ 3,139,385 52,896 (1,250) 3,191,031 |
Total funds 2024 £ 3,139,385 159,327 (6,806) 3,291,906 |
|---|---|---|
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ - 93,465 (4,299) 89,166 |
Endowment funds 2023 £ 3,067,085 23,719 (1,000) 3,089,804 |
Total funds 2023 £ 3,067,085 117,184 (5,299) 3,178,970 |
|---|---|---|---|
11. Related party transactions
Other than Trustee and Key Management Personnel transactions detailed in Note 4, there were no related party transactions during the period (2023 - None).
Page 18