Charity registration number. 1003592
Francon Trust
Annual Report and Financial Statements
forthe Year Ended 31 July 2024
WESTCOTTS
CHAR TENIO AeeouMTANTS
A BUSIME55 ADVISERS

Francon Trust
Contents (continued)
Trustees, Report
1to5
Independent Examinevs Report
Statement of Financial Activitie5
Balance Sheet
Notes to the Financial Statements
9t015

Francon Trust
Trust8es' Report
The Trustees present their report and the unaudited financial ststements of the charity for the year
ended 31 July 2024.
Registered charity name
Francon Trust
Registered charity number
1003592
Principal Officg
42 Eafield Avenue
Milnrow
RoGhdale
OL16 3UN
The Trustees
Mr T Nemko
Managing Trustee & Treasurer
Mr P Allcard
Prof. J L He￿berg
Mrs AE Holden
Mrs AM Jefferys
Company Secretary
Mrs J Taylor-Holmes
Accountants
Westcotts
Chartered Accountants
rimberly
SoLrth Street
Axminster
Devon
EX13 SAD
Page 1

Francon Trust
Trustees, Report (continued)
Structure, Governance and Management
Constitution
The Charity is governed by a trust deed dated 1 July 1991 and is an unincorporated registered
charity.
Organlsatlonal Structure and decbslon maklng process
There shall be 8 minimum of three and a maximum of seven Trustees. Presently, there are five.
The Trustees are selected through their association with the Court of Assistants of the Guild of
Freemen of the City of London. No Trustee shall be appointed who is not a Member or Honorary
Member of the Court of Assistants of the Guild of Freemen of the Cty of London.
The Trustees for the time being are responsible forthe induction and training of Trustees.
All decisions are taken by the Trustees jointly. The day to day administration is undertaken by the
Company Secretary under the direction of the Managing Trustee., appointed by the Trustees.
The Trustees. policy 18 to minimise risks. There are no cash transactions,
In November 2017, online banking was introduced. All transactions during the period were paid
through the online banking facility. Payments are made as decided by Trustees. Four of the Trustees
and the Company Secretary are registered for online banking. Any two of the following; Trustees
registered and the Company Secretary is required to authorise transactions on behalf of the Trust.
Should a cheque pa￿nent be made, they are made on the following basis.,
The cheque book6 are held by the Company SeGretary and ch8qu88 written as decided by tha
Trustees, and recorded in the Minutes. Two Trustees sign any cheque after which these are
desp8tched by the Company Secretary. A minimum of bNO Trustees are required to authorise
transactions on behalf of the Trust.
The detailed accounting records are provided for the Trustees.
Risk Factors
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that
systems are in place to mitigate exposure to the major risks.
Page 2

Francon Trust
Trustees. Report (continued)
Alms and Objectlves
The advancement of public education and vocational training in particular by the provision of
grants to students in need.
The relief of povety, sickness and distress amongst students in need.
The objectives are achieved based upon guidelines established during the earfy years of operation in
accordance with the wishes of the original benefactors.
Potential students for first degree courses are selected in accordance with the guidelines, based upon
applications and recommendations from head teachers or other refe￿eS in support of high achieving
students who have limited financial means.
Potential students are identified by contact with head teachers or school representatives and then,
after due application, are interviewed (where possible) by the trustees to decide those that should
receive support.
Publlc Benefit
The Trustees have had regard to the Charity Commission guidance on Publlc Benefit.
The Trustees have the view that the principles of public benefit are clearly met by the Francon Trust in
that its principal objective is to provide financial benefrts for gifted, but financially challenged, students
to achieve good University Degrees. Selection is solely by merit and educational references. Student
results to date have been impressive.
Achievements and Perfomiance
The financial base was provided by donations and bequests from the founding Trustees (Frank and
Connie Wells). These funds are now invested and the objective is to support as many students as
possible year by year whilst maintaining the financial basc to enable the Trust to continue in
perpetuty.
The Trustees aim to support three or more additional students each year. During 2023124 eleven
students were supported. {2022123:9).
During the year. the charty awarded grants totalling £34,500 (2022123: £24,000) to give educational,
welfare and social support to selected students in London.
Academic results of the students supported so far have been very good. Trustees review students.
progress, academically, extramurally and financially each temi.
There are no fundraising activities and none a￿ envisaged.
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Francon Trust
Trustees, Report (continued)
Flnanclal Revlew
Investment Policy
Investment performance is reviewed quarterly; investments have been made progressively, and
cautiously. part of the bequest is held in cash at bank and Investments which are managed by a
professional investment company. Twice yearly, in person meetings are held with the investment
company to re￿1ve updates.
Factors outside the Trust's control that are relevant to the Trust's long tem objectives are investment
income and inflation that determine the amount available for distribution.
Factors within the Trust's control are the selection of students and the financial support levels decided
upon, based upon cash flow forecasts that are reviewed by the Trustees regularfy.
Reserves Policy
Reserve levels are established with a view to paying out the maximum amount in grants from
investment income, after allowing for inflation and the volatility of the investment income. The number
of students supported fluctuates depending on the length of course being undertaken by the students.
As at 31 Juty 2024, the charity held reserves of £1,413,721 which exceeds the actual fimi fonmard
commitment for 2024125 of £39,000.
There are no uncertainties about the charity continuing as a going concern.
Investrnents continue to be professionally managed, the rate of interest paid on cash deposits is very
low. All the income available after making provision to maintain the financial base will be exp8nded in
grants, but a cautious approach is b8ing taken.
Tho only future funding source will be investment income. Expenditure to date has mosl successfully
supported the Trust's aims and objectives.
All funds are unrestricted.
Page 4

Francon Trust
Trustees. Report (continued)
Plans for the future
The plans for the future are to maintain the investment income, taking account of the need to make
allowan￿ for inflation and market movements in interest rates and capital, with a view to making
grants equal to the remaining annual income.
Regular meetings are held, and papets are circulated to allow the Trustee5 to take decisions to
achieve the Trust's aims and objectives.
The trustees, annual report was approved on...
Trustees by
and signed on behalf of the Board of
Mrs Jane Taylor-Holmes
Company Secretary
Page S

Francon Trust
Independent Examiner's Report to the trustees of Francon Trust
I report to the trustees on my examination of the accounts of Francon Trust for the year ended 31 July
2024.
Responslbllltie8 and basis of report
As the charity trustees of Fr8ncon Trust you are responsible for the preparation of the accounts in
accordance with the requirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination of the Francon Trusys 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 examlnerfs statement
I have completed my examination. I confimi that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of Francon Trust as required by section 130 of the
Act., or
2. the accounts do not accord wrth those records: or
3. the accounts do not comply with the accounting requirements conceming 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 vievl 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.
Stuart Carrington FCA
Independent Examiner
Westcotts {SW} LLP
Timberly
South Street
Axminster
Devon
EX13 SAD
Date:.............,...............
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Francon Trust
Statement of Financial Activitlas for the Year Ended 31 July 2024
Unrestricted
fund8
Totsl
2024
Total
2023
Note
Income and Endowments from:
Investment income
33,630
33,630
31.453
Total income
33,630
33,630
31.453
Expenditure on:
Raising funds
Charitable activities
(12,980)
(39,842)
(12,980)
(39,842)
{12.386)
(29.277)
Total expenditure
Gainsl(losses) on investment assets
Net incomel(expenditure)
Net movement in funds
(52,822)
86,518
(52,822)
86,518
{41.663)
(18,462
67,326
67,326
(28.672)
67,326
67,326
(28.672)
Reconclllatlon of fund3
Total funds brought forward
Total funds carried forward
1,346,395
1,346,395
1,375,068
10
1,413,721
1,413,721
1,346.396
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 10.
The notes on pages 9 to 15 fomi an integral part of these financial statements.
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Francon Trust
(Registration number: 1003592)
Balance Sheet as at 31 July 2024
2024
2023
Nots
Current assets
Investrnents
Cash at bank and in hand
1,399,745
15,242
1,414,987
(1,266)
1,413,721
1,327.657
19,912
1,347,569
Credltors: Amounts falling due within one year
1,173)
1.346.396
Net assets
Funds of the charity:
Unrestrictsd incomo funds
Unrestricted funds
1,413,721
1,413,721
1,346,396
Total funds
10
1,346.396
The financial statements on pages 7 to 15 were approved by the trustees, and authorBed for issue on
and signed on their behalf by..
Terry Nemko
Managing Trustee and
reasurer
The notes on pages 9 to 15 fonn an integral part of these financial statements.
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Francon Trust
Notes to the Financial Statements for the Year Ended 31 July 2024
1 Accounting pollcies
General infom)ation
The charity is a public benefit entity and a registered charity in England and Wales and is
unincorporated. The address of the principal office is 42 Eafield Avenue, Minrow, Rochdale. OL16
3UN.
Statement of compliance
The financial Statements have been prepared in accordance with the second edition of the Charities
Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparatlon
Francon Trust meets the definition of a public benefrt entity under FRS 102. The accounts (financial
statements) have been prepared under the historical cost convention with items recognised at cost or
transaction value unless otherwise stated in the relevant note(s) to these accounts.
Dlsclosure exemptions
The entty satisfies the criteria of being a qualifying entty as defined in FRS 102. As such, advantage
has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
No cash flow statement has been presented for the company.
Golng concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as
a going concem.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is
probable settlement is required and the amount can be measured reliably. All costs are allocated to
the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot
be directly attributed to particular headings they have been allocated on a basis consistent with the
use of resources, with central staff costs allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use. Other support costs a￿ allocated based on the
spread of staff costs.
Raising funds
These are costs incurred in attracting voluntsry income, the management of investments and those
incurred in trading activities that raise funds.
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Francon Trust
Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities
and services for its beneficiaries. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the
recipient but there is uncertainty about erther the timing of the grant or the amount of grant payable.
Govemance costs
These include the costs attributable to the charivs compliance with constitutional and statutory
requirements, including audit, strategic management and trustees meetings and reimbursed
expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains
received within categori8s covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are
applied exclusively to charitable purposes.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value I market value.
Cash and cash equlvalents
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.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in
furtherance of the objectives of the charty.
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Francon Trust
Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)
Financlal instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the
contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction
costs). except for those financial assets classified as at fair value through profit or loss, which are
initially measured at fair value {which is nomially the transaction price excluding transaction costs),
unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing
transaction, the financial asset or financial liability is measured at the present value of the future
payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only
when there exists a legally enforceable right to set off the recognised amounts and the charity intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows
from the financial ass8t expire or are settled, b) the charity transfers to another party substantially all
of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained
some, but not all, significant risks and rewards of ownership, has transferred control of the asset to
another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged,
cancelled or expires.
Debt Instruments
Debt instruments are subsequently measured at amortised cost.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preferen￿ shares
(where shares are publicly traded or their fair value is reliably measurable) are measured at fair value
through profit or loss. Where fair value cannot be measured reliably. investments are measured at
cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in
subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost
is measured by reference to the nominal value of the shares issued plus fair value of other
consideration. Any premium is ignored.
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Francon Trust
Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)
Derlvatlve flnancial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and
interest rate movements. The charity does not hold or issue derivative financial instruments for
speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are
subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is
recognised in statement of financial activities immediately unless the derivative is designated and
effedive as a hedging instrument, in which event the timing of the recognition in statement of financial
activities depends on the nature of the hedge relationship.
Falr value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When
quoted prices are unavailable, the price of a recent transaction for an identical asset provides
evidence of fair value as long as there has not been a significant change in economic circumstances
or a significant lapse of time since the transaction took place. If the market is not active and recent
transactions of an identical asset on their own are not a good estimate of fair value, the fair value is
estimated by using a valuation technique.
2 Investment income
Unrestricted
Funds
Total
2024
Unrestricted
Funds
Total
2023
Income from investments
B8nk interest receivable
33,549
81
33,549
81
31,424
29
31.424
29
33,630
33,630
31,453
31,453
3 Expenditure on raising funds
a) Investmont management costs
Unrestrfcted
Funds
Total
2024
Unrestricted
Funds
Total
2023
Investment management fees
12,980
12,980
12,386
12,386
12,980
12,980
12,386
12,386
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Francon Trust
Notes to the Financial Statements for the Year Ended 31 July 2024 {contlnued)
4 Expenditure on charltable actlvities
Unrestricted
Funds
Total
2024
Unrestricted
Funds
Total
2023
Grants to students
Support costs
34,500
5,342
34,500
5,342
39,842
24,000
5,277
24,000
5.277
39,842
29,277
29,277
5 Analysis of governance and support costs
Support costs
Unre3tr1cted
Funds
Total
2024
Total
2023
Govemance costs
Administrative costs
1,326
4,016
1,326
4,016
5,342
1,266
4,011
5,342
5.277
6 Trustees remuneratlon and expenses
No trust888. nor any persons connected with them, have received any remuneration from the charity
during the year (2023 - £Nil).
7 Staff costs
No salaries or wages have been paid to twstees during the year (2023 - £Nil).
The Trust had no employees in either 2023124 or 2022123.
One self*mployed Company Secretary was with the Trust part time throughout the year.
8 Independent examiner's remuneration
2024
2023
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,326
1,266
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Francon Trust
Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)
9 Creditors: amounts falling due wlthln one year
2024
2023
Accruals
1,266
1,173
10 Funds
Balance at
1 August
2023
Other Balance at
Incomlng Resources recognised
31 July
resources
expende(lJalnsl(losses)
2024
Unrestrlcted funds
General
General Funds
1,346,395
33,630
(52,822
86,518
1.413,721
Balance at
1 August
2022
Other Balance at
Incoming Resources recognised
31 July
resources
exp8nde(balnsl(losses)
2023
Unrestricted funds
General
General Funds
1,375,068
31,453
41,663
{18,462)
1.346.396
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Francon Trust
Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)
11 Analysis of net apAets between funds
Unrestrlcted
funds
General
Total funds
at 31 July
2024
Current asset investments
Cash and short-term deposits
Current liabilities
1,399,745
15,242
1,266
1,399,745
15.242
1,266)
1,413,721
Total net assets
1,413,721
Unrestricted
funds
General
Totsl funds
at 31 July
2023
Current asset investments
Cash 8nd short-term deposits
Current liabilities
1,327,657
19,912
(1,173
1.327,657
19,912
{1.173)
1.346,396
Totsl net assets
1.346.396
12 Related party transactlons
There were no related paty transactions in the year (2023- £Nil).
Page 15