Euro Quality Foundation Financial Statements for the financial year ended 30 June 2024 Registered number: 1119242
Euro Quality Foundation Cc)ntents Page Reference and administrative infomiation Trustees, report Independent audttorfs Teportto the trustees 9-13 Statement of financial activities 14 Balance sheet Staternent of cash flows 16 Notes to the financial statements 17-23
Euro Quality Foundation Reference and Administratii"e Information Trustees l lad Icliauman) l N .Ilanslia Registered Office F.uro E loii.se l)alc .SrrL'LI C.r21"en .Irm% hropshirc Solicitors PrLi-2te Client Solicitors C¢nturii)n E l()use 1 ?9 1)eansgaic .IlancliL%tLr Banke .U Rai"an Bank- PJ.C 3t)4 Coi"Lntn" Road Stnall I Icath ("i)l-Lntn- Ruad Elirmingham 11 I D OL-F.- Independent Auditors Cirttnt 'lliornrnn 13_18 C"Iti" Q)LIAI' l)ublin Ireland i)(J? i.-I)-n
Euro Quality Foundation Trustees, Report for the financial )"car cndcd 30 June 2024 I'hL. -1 itL.¢% %ubmii IliLir .Innuxl RLP()rt And xudiicd tinanciRI %f1rcmLnts ()f the I,ound2ti()n t()r tli¢ i'car LndeLI 311 ILLnL ?11?4. 'I'hi% repvrt 41't% i)ut the F.nund111nii % aims. ubjectii-es and policie¥ a% had bcen dLI-III)PLd bi" thL .1 rLiStLL"4 dLLnng th¢ initial i-Lar8 of operau()n and sh()uld bc. %LLn ci-cr ci-oli-lnx. -I'lie c)l-LrAll rL'mit (Trl- tlic 'I'wsicLs tl) Ln.¥A,¥L in aciii-iiic% Ih21 bLni fit humAnitt-. Reference and administrative infomiation l..ur() ()iiilitt" l.()undaii(Jn 1% regi%tLfLd a% 1 charin" bi- I IIIRC. I'c)uiid1unii numbLr K-I'.j()11. 'I'li¢ 'l'rustL'L and SLcfLtxlri- i)l- rhL cliariTh' arL, h"%lLd on PX¥L I. l-IIL piincipal 1nd rcxt%lLfLd ufficL ()[ tlil chinti" Is al%() "%tLd (In pagL I t()gcihcr M-iih dLt1Jl% ()l- tliL pr()t-L'4%i()nil 1diiscrs And baiikLr%. 'L'IIL chinti" 1.4 rLtL[La 1th tlic C-111ritie% (.ommi4s11)n i)t l-.nglaiid &. 11 ales linder rLfLfLllcL numEK'r I119?4? Structutey governance and manageTncnt Constitution -l-lic I'nundau()n is .gi)i-crncd bi- a -1 rusf l)eed dull- eit'cuted i)rL 19 F.cbrLian- ?1111-. (as amendLd ()n ?6 JunL' ?{ I l-. l. -l-hest lai" ()ut thc principlL'% bi- ii-knch the -L ru%tLL% can y)i-Irn Ilic-l nLSI. Registration 'l-lii I,(Jundqi U()ri 1% rc$[cred -1th the ChllntlL% (.i)mmix%ion Ircgistraiion number I I l()?41 and iiitli I IIllR(- Th'l i?91J)- Ultimate Ai "I-IIL ultimAIL 21m Is to LtficiLntli- diNtriburL Ni-Lilili ordLr tl) LlJniinAlC P()i-Lm- and %oci11 inju%llCL 2nd pri)mutL' Lducatic)nal Ic1rmng and t()ILranc¢ -)rIaldc. 'I'IIL l.()uiidiiinn 11m5 tv maki a (ht-t-LfLnce b!- ci)nrnbutmg 1-Unn% and xuidancL t() such g()nd C¢2USC% tliar otIILnI15L. CL tuiidiiig t(b perl-orm it4 ()bjL'cui-c' Lttccrii-cli.. -Llus meLls tIiL chTrntablL l)bjLCt iJt- appli-iiig Iiic()mL ti)r or roii-1rd.% ini. clixntabl¢' purpi)%L% Ilic rrusteis illlnk tit. It di)i% rhi% iii a numbLr ()l- ii-ai- '.ng1gin4 iiith hké'.miJidLd pl]ilaiiiliropi4t% ti) 3]Id addrcss %OCiLial 1ssuc% %ucli pc)i'erry'. Lci)ni)mic eMp0erMi.n[. %i)cial iniuslicc. lack olacces% to educauijn and lacL ()t 11)IcrxiicL bLIii-L'c'ii ci)mmurntiL%:
Euro Quality Foundation Trustees, Report fot the financial )'ear ended 30 June 2024 Ultimate Aim (continued) unding 111d cng?ging dirL'CtIi- II1th chanue% that addrc%% quch 4()cietal i%sues: and E.unding aiid cngaging iiiili ()rxan1%2ti()n% that adi'ancc rclftginus piactiCL', tolerance, undcrstanding and Icarning. I'undin¥ C1L n be in ihe form of dircci donation5 or interL'bt-t-ree 102ns. Thc cffcctii-Lness of fun(hng i di5CU8SLd and as%csbed 2t ttnnual trnsiec mccung5_ Missxon Statement 'T() pri)i"idc a mLchani8m bi. ii?hich chaniiblc donau()n8 can bL L'tficiL'nil!- amasscd and L.ffLCtiiyi.l!- di%rributL'd in acci)rdancL 1th Islamic pnnciplcs" Background E.'uro Quah"ry- I'oundallon ha8 bccn 1st2blLshL.d 25 2 Philantropi- I"und. bin)d2f to the ii'a!- in -hICh an Ini'estmeni E,und operaics bi- pooling funds [() m&wrllSe reiurns for its %takcholders. 2 Pliilantrop!- I'und pi)()l% d()n2Lions from i-arious sourcc% t() the Lfiicienci- and cffccui-cnL%s ()t the doiiallons. /.2kah 14 an c)blig2ton' chann- on ii.lin N'et 11 ¥2lth. NLI Nl ealrlTr can Inoscli- be dLfincd as (he i-alue of non-cs%cnual a8scts ()l-Lt ttnd bei-ond the pRI-cr's immcth'atc and necessari- liabih"tics. /.akah i -) r) of rhi% am()unt. l. uro Quah'n- Foundati()n pr011des A tlicn calculatcd a% an Ilslttmic) 2nnu21 rate of ? O Incchanisin b)- IN-liicli indii-idualN and binL%C can Icarn ib()ut and tulhl thL /.2k-ah i)bli&TrAii()n%. Operating Polic). -l-hc I'outjdation conduct it%elf and its actiiiucs in an Likncal 2nd tr2n5parent manncr. l)()h"cies mai- be changed or adapicd turthcr thc F.oundation% objeclli-cs. Donation & Grant tnaking poli. 'I'lie I'ound1rioii ii'nrkg iiitli rc.4i4tcrL.d chanues. -.ach appiicarion iq c[Insidt'rL.d nn ft% oii'ii mcrit%. It L'NPLCt t-ull ACC()LLnt1bthTh', tr1n%parcnci- 1nd priJgtt'%4 tept)rt% t-rom rccipic11f% tor an!- d()rL2uons madc ii-ltli 0iigi)ing rLI-ILlI-S t() m()rnti)r PLrl-nrm1ncL ¥11id r¢4ulr% i£.42in%l Lxpeciarions_ -1-17C t()11()11-iTig 4L'Ctc)r4 takL' prccLdcJicL'. C-lob111..mergcnci. .%ituari()n%. Poi-Lrn- RcliL'I: -Sus111nabli l Ai-ing- .S()ci21 Projcct%:
Euro Quality Foundation Trustees, Repoit fot the flnancial !'ear endcd 30 June 2024 Donation & Grant making polici (continued) ,IILdicAI NL'cds- and E-'ducatinn Siiicc incLpunn. rhL I.c)Lindaiion lia% made a numbcr of donauons t() L'K rc'gistircd c111ririe% %electc.d (Trn tlicir biliTh' [() pr()11dL' piji-cm. rchcf. combftt 4ocknl inju%liCC aiid promote L.ducitil)11 1¢ nd r()ILrince. 11 nrkn.ng -itli 1 %mall¢'r pi)()l of c111n(ILS Ln?¢ blcd Ilic -l-rusiee% t() 4t2rt building rclation%kn"p4 And inrrLas¢' tlic Lffectii-enL%% lJt- tlic donailons. Reserves polic). 'I'hL I,()uiid1rion ha% unrLStrictcd t-unds. -hICh Arc nor comjniticd or mi-ested in tangiblc fi.¥ed Asseis or dc%ignxtLd i-()r bPLcific purposL% ('"tht trLL' r¢.%L Th-cq and are rLt21nLd t() mccr Ihc fuiure reqLllfLmLnt4 ()l- IIIL I,OLLnditi()n. -l-lic Fnuiidau()n ha% LmLrgcnci' reSLn-L% Ilt £-.111111111 (Inl.3-. £'.111.1111111 In thL Ll-Lllt lit rhc E,()Lind2& ti()n bLiiig ii'oiind up. -I'hL l.()undation % puhci- 14 tr) rL114 in a lei-el of unrL%tnttLd rL's1'n-Ls. ii-liicli mL'Ct% tliL nL'Lds ol- thL I,()undatii)n botli at ihL currLnr timc and m ihe totL4L'L'ablc' t-uturc. -I'hc -l-riisteLS Ire i)t- tlic opuu()n tli8t this 41mount rem21n%. t() bc disfribured for unexpLCt¢d c()sts. -l-his ill not bL %txtic, iiill bc hLld on a discretionan- ba%is and LS rt'iieu'L"d annualli- bi- thi ini4tLL"S. nvestment policy 'I-IIL I,(Truiidarion oidi. Ini'L%t4 in c'ihical Ini-c%imLnt%. 'I'hL rrusrcL's contiiiiiAUI' mi)niti)i ini-L'%rmcnt% and rLriim% l()r L'thical comph"aiice cntLtia. 'I"hc rrusice% iiill 1rnti2tL llLlI- tc)rTns of L'tlllcal ini'L%tmL'nts it- thci- bebei-L Lt ¢nh14 nccs Ilie reiLirn4 t()r rlTrc I'oiindaiion ii-hdst balancinE financial c()mmitmcnts. c()n%rr1inrs, reseTh'es and liquidin- reqiiirL'mLnts. In particular. the l.iJund2ti()n iiill onli. Ini'e%t m ribi-Fr¢'i' In()n-usun') ttnd %hariah-comphant Irii-L"%tmcnts. Organisation -I'hL "I-It¢l5 mcci on a rLxLLlir baNiN f() discus% p()It'nual d()tLarii)ns ro and from illl. I,()undatinn alnngside an!- ()rlicr i%%iiL%. Iiiih 2 tiJrm¢11 mcciing OCCLttrin.4 21 TI]17]7._ -I'hc '[ rusieLS U%L pcrs()iial c()iiracis to obiqin cNrcrn11 adi'iLI' (Trn a nccd% b151% and tiTr kt'c'p 14 ami[rauC)n co%t4 dilu. -l-Iic l-ni%tces do not cliirgL Fijr tl]e tllnt (Jr IhL'ir cipL'n%e%. Risk management I lijvr ri%kN ii-liich hai"L bLLn idL1111fiLa And discu%%Ld bi- IliL ttu%rcc% includL 10%5 ot- t-unding duL ti) pn()r pr()firabiliti- ()[ tliL sPI)ns()ring ci)Tr()r11L conip2niLS and l()8% 1)1 rcpuiaiion, PLrliAp4 duc t() 1¢ di-L'r8L' pubh'ciTh-. ILadin¥ [() a fall In piibb"c ci)nhdLncL in IliL Fouiidttui)n and a ci)iiscqucni rLductic)n in ()thcr ijiconic. I'urilier risks incluclc rhL' 1bth"ti" t() ¢n%urL SLifficiLnt titnding y)ing toThi'ard m h"%ht ()t- dL"clinc in public speiiLling. 'I'lILrL irc als() nsks a%siJc141icd ii-i(Ii mainlrnn.4 rliL liighcsr %eciinTh" c)t- ()ur intorniation 10 prc'i-ent 1044 ()F "sks rcli< tcd 10 operqtir)ns l-i)rL'ign cnuntries 1rt' miriyrcd bi- iising (Trnli- L-K i)r l.-L- rc.[lred chariiie ()pL'r11iiig in Il)()Sl jLirisdicuons but .*ubjLCI ti) L-K ana i--L- cliin11blL and tundii1£ laii'%.
Euro Quality Foundation Trustees, Report lor thc financial l'ear ended 30 June 2024 Risk management (continued) Othi'r nsks relaic 10 cnyging iiith L'K re$[cred chariiiLs under ini-estigation bi- chariti¢4 cc)mmi%%ion or dLmi)nstntin.¥ pi)or ¥oi-LriiancL bi- IItL hlmx OE documLnis. PriDr ti) ani. tundmg bLiiig ti)Th1"2rded thc chinues commisiion -ebliC -Ill be rL'I'ILI'Ld 10 confirm an!- ()ftg(Trg mi-e>iigaiion and/or IiiL fikng of documents. -l-he charin- thcn bL' 35ked 2boui Ihcsc and unl¢4% %ati5facton' rcsponsc4 are receii-ed. tuiiding ivill bc 1[hhL1d unid rhc ini-c%ngation IN cr)mplciLd or docuincntS RIL fiILd. 'I'he tru4teL% rei-ieNI- thc risk% to ii-Fll"ch the chanties arc ciposcd on 2 regular basis and a risk management (rxiLgry' IN in plRCL 11-hLfL bi. IhusL n%k-% arc idcntifiLd. IhL ILI'Lls ot- risk 1% a%%L"%SLd 2nd sK'siem% and c()Jitr()1s tor tho%c ri%ks are L'Stabh"%hed. Tlic trustccs take 2ll appropriarc 8rcp% to moderate and managv the opcrauonal risk% t() ii-l]ich thL A%%eis of Lwo Qualiti- I,i)undJtiun are ciposcd. FlaI1ng considered all idcnuficd risks the 'frustees do noi considcr there to be 2 risk- to the gi)Ing concern star of thc organftsatlon. Related parties and co-operation with other otganisations N(InL ()f ()iir tru%tees Teccti-c rcmuncratii)n or orher bcncfti from thcir u-ork 114th Ihc Pound3tiiJn. .Ini' c()nni'ctii)n bL1-(.en 1 trusrcc of Ihc l.nund2tson iiith ani- rclaicd organisation from ii'hich Ihc P()und2tion al-a$ of scn-iccs ()r d()nati()n% musi be ds"sclo%cd tn thL tull buttrd of trusrccs in thL' %amL" li'ai. as ani. nrhLr contracrual rclation.%lllP 111th i re121ed path.. Euro Qualitt" I.rIb5 Limited. F_uropack Ltd 2nd Groi"c l)ark l.imitLd arL considered related partics. due tu the deCtorS of thc8c L"ntities, being trustcc% i)f the l.ound1uon. Rclaied pam. tTansactiun4 hai'e been discloscd in ncJtL 18. Taxation status -l-IIL' l.()undatLI)n Is & rl..teIed E.oundarion. and a% %uch 1% enuiled 10 ccrrain tax ¢iempuons on inci)mL and profiis l-rom ini-c%tmLnt4. and 4urpliiscs on ani- tr2th.ng 2ctiiities carriL"d on in lurtliL'f1ncc i)f tl)L I"oiind1rion % prim1n" ()bjLctii-L'% if thLC profit% 1nd urplusLN IfL' 2pph.cd %olcli- t()r chintAblL purp()%c%. "I'hL l.()und2uon Is not re$[cr(d t()r I'.1'1' 2nd accorth"ngli'. 11 U (hcir L_Kpenth"turc rccordL'd inclus11'L of ani" I'.I'l' Incurred. Triistees -L'hL '[ ru%tLL4 iri IL Ir .5111 K1111id. .Ilr Ri/.i-an ,Xl Kh1h"d aiid .Ilr 11 X.adL'L'm I11nsha. Appointment of nei' trustees Nc'ii- IrLISIL'CS aiL rcctuirLd b!- ()PL'll ILcfui(1fJLni bi- CXl%fin,g rtuNtLL% tu fulfil spccific i()IL.4 ()n tliL tiuslLL board. -l-lic p(ii¢'ntl&il irLiStLL IS thLn LnicniLii'cd bi- rliL' ChaLr%01i aiid sccr¢t2n" i)t- Illl b01rd rL'yrdin.g tIILir li.1.1]g[]L5l [() bLciim¢ a tru.4lL'L aiid Ille porcniial ci)ntiibutiun 10 rlic E'oundau()n Is cun%idercd.
Euro Quality Foundation Trustees, Report for the financial icar cndcd 30 June 2024 Induction and iraining of trustees "l-hL IlCIN" InlStLL s inducrinii 11id trainiT]x arc similar 10 rhasL %L't ()ut Fnr aiii. Lmpl()l-LL% ()f thc I,i)uJidation. -I-IIci- 2rc 1-In an i)i-eTh-icii' ol- the aLtns (Ibjcctii-cs and achiLI-L'Tnents Iniri)ducLd ti) thc -1 rUtccs. arL proi-IdL.d ii-tth a ci)p!' of ihe-l'rust d¢'Ld Iii-hich Cxpln% tmRICL4 poii'cr% and rLSPI)nsibditicq) and detads ol- rh£ rL'cL'nt fin%ncial pcrformancL' r)l- IhL I'i)undaiion. .ill neil- tru8tccs meet iiith ()th¢'r cii8riiig trusiees. Funds held as custodian trustees on behalf of others 11]e E,oundlltii)n holds iio fund% 2% cusr(xlian ITUStees c)n bchalf of others. Objectives and activities 'I'hc -L-rust % obj¢ctll-C5 arc h'sted bLlI)ii-. 'I'hc -l-rLLSt s prllll2n- actiiin- is 10 Iw"se 1th and 8uppon rlie best PL'rti)rmiiig chantiL% in st'lc'ctcd secrr)r% but ir ill also undertakL ch2ri13blc acrii-1uL% aettI. it a necd i e%tAbh%hLd. -lThe I'oundatii)n aims 10 becomL' a kn1)-1CdgC hub and dLI-Llop bLst pracuce guidLlmL% f()r donur% and rccipiL'nts. 'l-Iic (Trbjectii'e% of th¢ Pnunaacion are 2% tijllnii-s.. -E-o connLCt iiLc-miiidcd phdanthr()pisr%- 'L-rTr proi-lde gLUdL1l% &" prnmote goi)d-pracricc in /.aK-2h c21culitir)n. cnllcction &. th"stributi()n- -ro 1%5es4 ind 4tlL'ct rL'cipient chantiL'% on Ihe btts1% Ut- %Lctor ini-oli-emcnt, ur¥Lnc!' {nccd). Dr()fLbS1()nalism ind bcni fit t() humanitt.: '[ i) build rLlau(Insknp% iiith rccipicni chJnti¢s' .1 () 14 4scss aiid rt'l-IL'li- pcrti)miance% ol- rL'CkPlCllt chariiies Ln re12ti(Jn t() d()nations mAdL- 2nd .1 c) r)tfLr rLCIPILni cli2ritlLS bcnefici212di-ICL L.¥. idtinrilication ina LxpI()irarinn nt s1-nCrcs. Public Benefit Statement 'Public BLllLfiI ' Is thL ILgal reqillrL'mLnt t()r ci-cn. or%2ni4xtiiJn %LI up iiiih c112nt2blL aims to bc ablc 10 dcmon%tr2tL' that thL' chanii'1124 bLLn tt up io melt tllls rL4uirL'incnt. -11]c.-I ru%tLL% cnnfirni Iliai IhLI- Iiai'L h1d rLgard [() thc l.()iiiii111LI)n C.()mTniSNlnll l-or l..n%lJnd and 11 alL' gillil2ncL ()n public bL'nL'fir un rL'purtin% ()n IliL C.hAfiiiLS bLnchr% 1nd iihiLI-LIIILnr*. 'hi -1 ruNILL'S aTL' confidLni iliftt thi acrii-itics Iiai-c IiLIpLd t() acliiLI'L tlii. I,()uiid1tinn'4 PiEfp(ISL% Itid pr¢)i-IdL binLtir ri) IhL bLllLhci21"iets.
Euro Quality Foundation Trustees, Report fot thc fjnancial I'car cnded 30 June 2024 Operating Reiriew 2024 Achieven]ents and perfomiance -L-hL I,oundation been oper211ng since IIK)- "fhc trusiccs hai-c coniiiiucd to grant Qard I1252ns 2 mean% of i-un(Jll]¥ c2pit21-pc)or bLllLficiAnLS tor (he co.st of mcomc-gcncraung prograTnmc%. -"Cli ii-()uld thLn rLp1I !" thc Qard I la5an% in timL_ Qard I lasan repaiinen(% are then reci'cled 10 help othcr chariiics &. orgai]isations to dci.clop incomc-gcnLrating pri)grammL"s in a %llnilar manner. Financial review -riic I,oundation rcccii-cd £.18.14? (?n?3.. L-6.).84?) in dnnation4 t-ri)m rL.12ted partiLS 2nd other donauoiis. -l-licrc is also L91.16- (?n?3.. Ll- -98) rcccipts trom iDI-cstmL"nt and i)tIIL"r incomt.. 'I'hc F,oundation paid oui L639.(1?9 (?0?3= 1-.i44.?3") in dircct dnnatioJi4 and othcr CXPL'n4L'%. -.) l?{1?3= L796,96i) m c25h at bank- at the l-ear end. 'I'hLfL Is L41,4? 'I'hc' n¢'t 3ssLt P()%ltic)n #t 311 Junc ?0•4 15 £1 ?86,?4) (?0?3= 1.1.813,963)- I)CC[ donarions of £639.(1?9 (?(1?3.. Li-H.?3-, ) arc compriscd rhc. t(}lli)ln.g.. L?6?.4?1 (?0?3= £19i.-'iO) for %ocial Ilclfarc such as 1)iii?te ,Imbulances. Orphan5, omcn I lomcs &. C-ommunin" CJrDup8; and j?6 j,)83 (?0?3-. i??3.3-. i) for F.ducauon Ll Ili.3111) (?11?3= £.1 ?4.116-) tor E.'mer%enci' &. I Icalthcarc -) (?11?3'. 1,1.1143) for oiher %uppor( cosis 'I'hL. .1 ru%tLL% C()n%idL'r that dunng thL' I"L2r good progres% has been madc against Ihc Foundatic)n's aim4. 'rhL' pr()fitxbih"ti- i)1- 4pc)nsormg corpor2te% has enAbled mcome to bc malli(aincd. Plans for 2025 -I'hL 'I-nistLLS une-i'lar pl211 1% tu %iringilien il% ucs Iiiili cxi%ung chariiiL'8 and t() Ln¥agL Il1th other plthinthtc)pi%t chintii'4 2nd t()iindauon%. It 2nucip2tes mAkllig a simdar Ici-cl of dnnaiii)ns and grant4 nLIt Statement of trustee5' responsibilities 'I'hL trLl4tI'e4 rL4PI)nNiblL t()r PlL'pAnn.g ilie I ru%tLL RLpufi 1nd thL fin1ncixl %ixfLllIL'iifs Iti acci)rd2& ncL' i'ith appbc'iblL lili- And L'niiLd Kkii¥dom .Iccoiiniiiig .siaiidards {L-iiircd KiJi.gd()m CJLIILf2d lli" .IccL'PILd .Iccountll¥ PractiCLI. 'FIiL 11Il AppIIc1blL ti) cliintlLS in E--nglind 1nd 11 iles requtres rlic rrusrccs ro prLp1fL finaT]cial sririmLnt l-lir LAch financiAI I"L'1r. ii-liich .¥ii-L' tt truL ttnd i-w iieii. ol- the staic ol affairs ol- rlic l.()uJidarii)n and i)t tliL Inc()ming rLSC)LLfcL'4 1nd ttpph"cation ol- resources of tlic Foundaui)ii tr()r rliar pLriDd.
Euro Quality Foundation Trustees, Repc)rt for the financial vear ended 30 June 2024 Statement of trustees, responsibilities (continued) Tii prLpani)¥ il)L4L finaiicial staicniLnrs. rhc rrLLN(LC4 arc rLLiuifLd irTr-. ,ILft suitllblL aCC(iuiiriJig p()h"cic% 1nd Ilicn appli. tliem c()n%istentli": (JbsLri-L Ihi mcrhods aiid prCiPleS in the (-li&ntiL'4 .%()RI): m1¢ kL jud1]CnI$ 1nd estllMtL% Ihat ttrL fL'a4(Jnablc' and prudcnt. statc. ii.hc'tliLr appltcable 1ccounun.g %tAndJrd% c()mpri%in4 l.-R.% 111? hai-c bccn folloii'cd. %ubjecr ro ani- niaiLri21 dLp2rturL% th"scl().%Ld and ¢ip11inLd in rliL fiiiancial %f2tLn)Lnt%: 2nd prLp2fL IhL financial st1& iejnenis r)n iliL .gi)In¥ ci)ncLni bxsli unlLS5 11 1% llld2pprupriaLL t() PlL%WTIL Th1( Ihc I'ouiidauon cc)ntinuL' m bLi4inL%%. 'I'hL IfLL4tLL% 2r¢' rLsp()nsiblc for kecping proper accounting rLfl)rds that di%cliisc 1[17 rca%oiiablc accurac!- It ani- timl thL financial posiiiun ()[ th¥ I,oundatic)n 1nd cnablc ihcm 10 cnsurc rhii IhL. finAnciAI %lAtLtnLnt ti)tnpli- ii-irh Ihc (-hanties .Ici ?111 I, the ("hanN- {.Icci)unis And Reports) Regulations ?11118 and ilie prcii-1sion% ol- IhL tru4t dLLd. -IIIci- 1rc al%1) rcspi)nsible f()r %afL'xuarth"n.¥ thL 25SL'ts lit- thL I,()uiidatinn aiid hLnce l-or takn.nx 41)n3blL stcps t()r tlic prci-ention and dLtLCtion ut- l-trAud #nd i)thLr irrL'gularitiL4. Statement as to disc105ure to our auditors Tn .41) f2r thc Iru%tLcs arc aiKare Ai IhL illninx (Jl appli)1.£ our Irugieex 2nnual icport= there Is no rLILI-2nt audit informaiion ol ii'kn"ch the l.ound2ti0n'% Audiic)r 1% unall'2rL; and thl tru%tLc% hai-c iakcn all steps that thei. ought tc) hai-t" takcn tc) makc tlicmscli-cs aii'arc of ani- rL'ILI-anr autht inlorm2tsDn and til c%tabhsh thai thc I"oundauon's Authtor 1% 2Il'2re ol tliat intonnauon. Independent auditors Cjrant 'l'h()rntiJn iiil] bc proposcd for reappomtment Ju(lit(Jrs at thl. l-rustccs, mccriiig. Ill. order of the B()2rd an4lia Trustee DatL'. lo I)1
Q GrantThornton Independent Auditor's Report to the Trustees of Euro Quality: Foundation Opinion c hai-L' audited thL tintsncthl statt'mL'nts ot F.uro Qualin- Foundation ("the E'oundAuun '). ii'kn"cli cc)mpn%¢' th¢. .StarLmcnt ol- I'iiiancial .Icui-ities. the BAlince %heL't Jnd st2temL"nt ijf Cash I,-Iiiu-8 fi)r thL f1111ncial i-L1f L'ndLd _)1 I lunL. )11?4. and thL' rclaicd noics 10 ihc finaiicial SlalLmLnis. mclu(Im.g 1 4umm2n' ot signitlC2nt accounting po]icies. '1'1IL financial r¢p()riin¥ fr¢1mClI-nrk Ih11 has been appliL.d m thL pfLpifiti()n c)F thL financial tLmL'nt4 is apphcablc laii- 1¥ nd accounting standirds 1%4ued bi- thL l-mancial Rtporring Co)uncd including l."R% 111? "I'hL I'il11ncixl RLPI)riinx-%11nd2rd applicabl¢ in thL L-K and Kcpubh'c of Ircland" (i-niiLd Kingdom (Jl'llL'rzlli- .IccL'picd .Iccouniing Pracuce). In ()LLr i)piniiTrn. l..ur(J (2ualtN. F'ouiidauon s tinancial stJtLmLnt%- .gii'i' a truc and l-air iicii- in accordance iiiih L-rnied Kingdom CJenLf2ll!' .IccLPtL.d .Icci)unun¥ Practicc of thc siaie of the foundtttion s aEEairs 1$ _311 lunc ?0?4 and of it8 iiiconiing rcsourcc and appbcauon of resourcL'S 2nd c2%h tnr rhc !-cAr Ihcn cndcd- and hai-e been properli- prl'pircd in accordancc iiith thc rcquircmenis of Ihe Chariues .Ict ?01 l. Basis for opinion c coiiductLd our Auth"t in acc()rdancL i1111I Inrcrnaui)iial Siandards on .luditing (L-KI I'T.%,.l4 (L-K)l ind appltcablc laii.. Our rLsponsibth"ties under thosc st1ndards arc tunhcr dcscnbcd in IhL 'Responsibiliueq of (hc Judii(Jr t-ur thL Audit ut thL tinanciAI %txt¢mLnrN LC[l(}n f)t- (Dur rLpori. 11 L xfL indLpindLni ut thL' F.i)Lindaiion in accordance iiitli the etlllC21 te4illfLm¢nt% that arc rclci-ant to our audir nf rhc financial st¢ltLmcnt8 in tlic L'niicd Kingdory mclu(lg the I-RC" s l..thical .%r1nd1rd and tlic crhical pr()nounccmcnt c%tabii%licd bi- Chartered ..Iccount2nt% IrL.land. apph'cd as dcicrtninca ro bc appropriaic in thc circumsianccs tor tlie cntiti". 11 L. htti-e tult-dlLd i)ur orhLr cthical rcsponsibihucs in accordance ii'ith the4c reqlleMLnr. 11 L bL.h"Li-L' thi¢ t thc audit u-idcncc -C hai-e oblned is sufficient 2nd appropnate io proi-idL 1 basis t()r our c)PllU()n. Conclusions relatlng to going concern In 1udiiiiig thi l-mftnci21 stateini'nt% li-e hAI-I rr)ncludLd Ihai Ilic Iru.slCCi USL Ot-going concLrn basis of accnunring Ln the preparation Dt tliL t-anCial Nratvmcnrs is appri)priarc. B1%Ld i)n th¢. ii-i)rk ii-c hai-c pcrformed. li-e hai-e noi idenulied ani" matLfi21 uncLrtainti¢4 r¢latin¥ ti) Ll-Lllt% ()r ci)Jidiri()n% rh11. iiidii-iiliiilli. or ci)IILCtii-Ili'. m11- CA%t 44Tlllicai)t d()LLbt tIiL l.i)und&qti(In Ibthn- ti) c()nrinui as a goiii¥ concLrn l-or tt PL'nud ()t- #t l¢as1 Tii-vli-L mc)nrliN trom rlic d24 rc ii-hLn rlic fLnancLal %t&? IL'tnL'riis 41rc aurlic)risLd tor 1$4ue.
Q GrantThornton Independent Auditor's Report to the Trustees of Euro Qualit}, F4oundation Conclusions relating to going concern (continued) ()ur rL'4ponsibiliucg and Ilic rc%ponsibiliiAcs of tlic trusiccs iii(li rcspccr to going conccrn arL dLscribid in thL rLlci-ant bcctions ot Il]i8 rcpon_ other Infomiation C)rlier iiiformation compnsL% information mcluded in the annual rLport. oiher (han Ilie financial tAtLmL'nts xnd ()ur auditc)r'.% rLPC)n Ilicrc()n including Ihc 'I.nL%fL RLP()ft. 'IThL" trtL'L.K are rLSP()n%ible fi)r Ilic oiher inform2uon. Our opimon on tlie fmancial siaiemenis docs noi coi-cr rlic oihcr iiiforniatii)11 and, ii-L' not ciprc%s an!. tortn ol assur1ncc conclusion Ihcrcon. In connLCtiun iNith Dur aLi&t ot the tinancial 4tatemcnis. our rLsponsibiliti- 15 to rL"ad thL OthLr Inl-()rm1U()n And, m d()mg sc), c()nsidLr -ht.ÈhLr thL ()thLr mtl)rn12ti1)n L% m2tL'll2lli' Incunsi%tLlli IN1tli rhc tinanc121 stAtemLnt% ur Iiur kni)-lLa ubt2mLd m thL au(h"t, c)r uthL'Thitse appears to be m2tLrJall!' misstatLd. If ii-c idcniif!. such matcrial incoii%islL'ncics in Ihc financial siatcmcnr%. ii-c arc rcquircd t() dctLrtnint' ii-hL'ilicr rhcrL' 1% a marcrial nii8siaicmLni in Ilic fiiiancial Siarcmcnts ur a tnatLrial mi4sTatLmLnt (It tlic i)tlILr inti)rniarinn. It-. ba%Ld nji rhc u-()rk ii-c hai-c pLrt()rmcd. -C c()ncludi' that th¢r¢ 14 a matLn21 mi55111cmLni ol tliis othLr lnn[lOn. arL' fLqLllrLd 10 report Ih1t taci. L. hai-L n(Jtl]ing t() rt'pijrt in tl]is rLgard. Mattgr5 on which we are required to report by exception L h1I-L nothin£ to rLP()rt in rL5PCCt ot thL t-ulloli1 tnatters in rLlation tu -hICh thL ("liarLues (.Iccounts and Rcpoiis) RLgulauons ?(11)14 reqLllre us 10 fLport to i-ou if. lli our opinion: -riic intnrmaiinn '¢n in tlic Tru%fLLS fLpori Is incon%istcnt in an)- matcnal rL%PCCI 11-itli thL tin42ncial %tatLmLntN: i)r %ufticicnr accounring rccords hai-c noi bccii kcpt: or -I'hc linancial %t1tcmcnis noi In agrcemcni ii-iih dic accoutiung rcci)rds- or .11¢1I-L' ni)r rLcLii-cd all Ihc int()rmaiii)11 1nd LNplaiiauc)Ds -C rcquirL t()r c)ur audit. io
Q GrantThornton Independent Auditor's Report to the Trustees of Euro Quality boundation (continued) Responsibilltles of managgment and those charged with governance for the financial statements ,ls e_Iplain¢d mrirL tull!- in the trniiee%' rt.%PI?n.%ibiliiiL.% siatemLni, management 1% ri'%p()n%ibl¥ for ihL" prL'parntinn rit tlic tin1ncAal stAiemeni% ii-hich gii-c a truc 2nd flir iieii- m accordance Mith L'nitvd kin.gdom (Jeneralli. .Iccept¢d .Iccounung Pracuce. llicludmg FR% 111?. and t()r suclI intcrnal conirol as trLisIL'i% dLtL'rmin¢' ncccssan. fo enablL fhi prLP2ratii)n Dt financial siaicments th21 are frec. fr<)m matL'rial is%taiement. ii'hethcr duL to fraud or error. In prepallng thl. fmancial siaicmenis. m2nagLment 1% r¢sponsiblc for asscssing the l.ound2ti0n s ibdity- t() conunue 2% a going concern, disclosll¥, as apph"cablc. marrcrs rclared 10 going concern 2nd u4mg thc going c()nc¢rITr b181% of 1ccounting unlc44 rn2na.gcmcnt eirhcr miends to liqwdate thL. l.c)und2tion c)r ti) ccasc operAtions, ot has no rcah'stic aliernatii'e but to do so. Those chirgLd iiith goi-crnance 2re responsibl¢ E()r (Ji-crsccing thc Found2uon s fin2nci21 ri'pi)rting proccbs. Responsibilltles of the auditor for the audlt of the financial statoments e hai"e beLn appointcd as auditors under section 14) of Ihc Charitcs .Ict ?01 l and report m accordancL ith thc ..Icr ind relei-ani ItlatiOns rnadc nr hai-mg cffeci thereundL'r. Tlic objcctii'e% of Jn auditi)r arc 10 obtatn reasonable tt44urane¢' abnut ll-hcrlicr thc fmancial statemenr% as 1 I1"h¢)IL xfL frLL fr()m m2ici.jxl rnjsNf11LmLnt, ii'hLihLr duL' ti) fTaud nr Lri'()r. and [() 1.5SUL an xudii()i" . rep()rt t111¢ t includcs rhe OPllll(Trn. K¢a8()nablc a88urancc a l]Jgh lei-el ot- J44urxncL.. but is ni)[ a guarantcc th¢2t an audii conducted m acc()rdancc ii-irh JS.l% {L-K) al.21.% detLct a mTr¢ rcrial misqtarcmciir ii-licii ir Liists. Ili44t41rcmentS Can ansL l-rr)m traud or crror and are con%idered m2tL'nal if. indiiidualli- or iii thc 4 ggrcg1tc. thei- could rvas1)Dabli- bc cipected to mtluencv thL LY()niJmic dccisions ot uscrs taken on Ilie b11 sis of tlie%e fintsncial statLmcnis. .1 fiirrliLr dL4CflPIiI)n (It ln aiidit()r's rLSPt)n%ibditiL% fi)r rlic iudit ()f Ilic fin111CI21 %t2ttmLnts 1%1()catLd ()n tIIL Fin2nciil RL'prJrring l-ouncil'.s Il'LbbifL at." iiiiii-.tr¢.() -uk audirorsrcs 011sibth"ue%. -l-kn"s dL4cnption tr()Itns pari ot ()ur Rudit()r * iLpi)r(. E.IplanAtson AS fo 11.hat c.Itent the audit Tias considered capable of detecting irtegiilanties, IJ3cJiidin£T frAiid IrregulanttLS. Including traiid. art insiancL4 ()l- ni)n-c()nip111¢ ncc iiirh laii's and regiilauon%. IX L dL'4Jxn pr()cLdL1fL ili linL ii'iili c)iir rL%P()nsibth"tiL% l)uiliJicd abi)l-L. io dLlict m11Lnal misstAtLlliLnt% III fL'sPL'Ct i)t- trrc'gu11ririe%. Clu"n.g traud. ()iiing In rlic inliereni I"t11)n% ()t- an audir. Ihcrc is ali uiiai-oidablc risk th1r matLnal mi4stTr¢ rLmcnr in Ilie f1n(lA1 %tatLmL'nts ma!- 11()r bc aciccicd. ci-en tliou.gli tlie Aiidit 1% pr()PLrl!" planticd 41iid pcrl-ormLd In ttcciJidarLCL' iiirh rhc l%.Is (L-K). -Ilie e.%tLnt t() ii-l]icli i)ur pr()ccdurcs arc cap14 blL ol- dLtLCtin4 irrc.gu11rittes. lncluth.ng traLid 1% dLtadL'd bcloii-. li
Q GrantThornton Independent Auditor's Report to the Trustees of F.uro Quality F4oundation (continued) Responsibiliti95 Of the auditor for the audit of the financlal statements (continued) 11.I%Ld oil uur undLrst2ndllig of thL I'oundauon. idciitificd tliai thc princip21 ()t nun-cvmpknancL 1th laii"4 and rL%ul2uons rehtL.d to data protecilon aiid -C considLrLd rliL cNtLnt t() ii-luch n()n- cc)mph"ance mi.ght hai-e a matenal cffect on Ihc fll11ncial siaiL'mLni%. 11 L alsi) cc)llsidL'fL.d tli(JSL IAII'% Rnd rLxuIIU()ns that1121-L a dC(l llnpaci on Ihe prcparauoii of Ihc t-manciAI 511fL'niLrits %uch thL. (-h1nTh' -Ict )() I l and l(Trcal ti.x IL.51ti{)n. 'I'hL' 2uth"t Lll%ixLmiiii parriicr c()nsidcrcd IliL' LipLricncL and LNPLrti%e i)1 tliL Ln¥A.gL'mLnt tLam [() Lnsure ih11 Ilie Ilam liad appropr111C ci)mpL'IcTJCL ¢1nd capabth"tiL% ti) IdLniifi' or recogtlise non-comph.ance 1th rhcl1I1 and rcgularinTJ. 11 c ci-aluatcd mJnagLmL'nt's incentii-es aiid opponuniiics for fraudulcni TnanipulatirTrn c)t rlic t-manciai ltM(.ntS {mclLidm% the nsk of oi"erridc nf c(Introl%). and dcrcrtnincd that thc principal risks ii-crc rclatcd t() p()4ting in2ppropriA(e journal cntrics tr) manipularc tinancial pcrti)rmancc and managLtnLnt bia4 thri)ugh jud'Mlnts And a%sumpiioiis iii igniilic¥lnt accnunting c'NtitnatL'%. in pirticulttr in rL.12ti()n tu 5i¥tllficant oni-off or 111111sual tran%acti()11s. Il'e appli. pri)le4qIi)ni l 8cL'ptiCi5ffl througl) thL' 1uth"t tu con%idLr po(Lnt111 delibcnre nmissinn or ci)ncLalmLnt igniticaiit Iranbaciions. 1)r inc()mplLtL inaccurarL th"Ncl()%UlL4 In thL' l-mincial 511timeiiis. In rLSP()n%L' t(Tr thL4L principal n%k%. r)ur Audir pmcedurcs included buf ii-crc nni liinitcd tn.. cnquiriL% iTrt- Man&.M¢nt Iin thL' poh"ClL% Jnd procedures m place regarding compliancL ii-itli laii's 1nd rcgularions. including considLraui)n i)t- ()r %U4PLCIL.d instJncL'S ol noti-compliancc and .hLther thLI' IIAI-e knoii-ledge of Ani. 1clI1. siispcctcd or allcgL'd fraud. rLiiLii- (Jt minutLS ()l- trustLLS meLull.¥5 dunnx thL ILJf [() cc)rr()bo)raiL inquirics n12dc- g11ning an undLrs11ndmg ol IhL cniin- s currcT)r acui-irics. th¢. scr)pL ()f authon%ation and Ihc t't-t¢'¢tii-<'n¢s5 ()t its c()ntrol en1-nment io mitigate rLsk% relarcd 10 fraud: di%cu%%inn amnn.gst thc Lngagcmcnt ni r¢lati()n ti) thl idLntilied laii-% And regulallons and rLg£irding thL risk ()f trthLid. aiid rLmaiilliig 21en tll 1ni' Liidicaii()ns of nnn-c()nipliancL' ()r (Ipp()ttunitiL'% l-()r t-r&2LLdulLnt mJrnpii11LiI)n ()[ fmancial siaiemiiii% rliroligliour rliL' audir. idLntil-i-iiig and rc%iing journal L'niriLs fc) addrL4s rliL ri%L iJt-Inappr()pr12tL jULmal% aiid manigclllLnt ()i-crnd¢' i)t c(Jntr()1s- dL'4ignmg aiidL( procedures 10 incorporx(C Linprcdictabilin. ari)ut]d tliL naturL. tun% i)r eKient of OLir te%ung: lial1cn.n.4 a%%utnpu()n4 2nd jud¥LmLni% mttde bi. m211J.gement in tlicir siwufic1nt acc()uniin¥ LstimatLN. tn¢ludin.E i[np2mvnt i)t l()an 2di-2nce% 2nd- r¢'i-iLii- i)F thL tliiancial NiatLmL"nt di4clc)%utL'S 10 undLrli"Inx %lLpporting ducumLnixrin)l ¢iJid inquirics rjt m47na.gc'mLnt. -I'lIL prim1Th' rc%poiisibiliTh- tror rlic prci-ciiiion and dciLcrinn vt trr¢gulantie4 includmx l-raud re%lS 1[17 th()s¢ cliar4t'd iiirli ¥i)i-¢rnanc¢ and mJna¥LmL'nt. .Is ii1th Ani. auth"t. tliLri rLmaiiis a ri%k ()1 ni)ti-dtt¢cti(Jn (?r irri'giilintlL %. IIILSL m1I' iiii'i)li-c colluNinn. tnrgcn-. Iniciiuonal omis%lC)n% tnisrcprLsentatiL)ns nr ()I'LrridL ()1 t¢'M21 c()nir(Trl%. 12
Q GrantThornton Independent Auditor's Report to the Trustees of F,uro Quality E4oundation (continued) The purpose of tsur audit work and to whom we owe our responsibilities 'I'lij% rcpori Is m2dL 4()ILlI" r() Ilie USte{4 25 a bodi-. in accordance II1tl) Part 4 c)t- Ihc ("liarIlles l.Iccc)unt% and Rcpor(s) Regu]2U()n% ?11118. Our Judit u-ork has been undcrtakcn so Ihat li-e mght statc tr) rhc trusiees those mittcrs arc rc9uircd to siarc. to rliLni In an audiri)r s report 2nd ti)r no orlicr purpose. U o thL fullc%t circnt permitted bi. 1211., L dn iioi accLPt ur a%%umL rcsponsibth"ti" t() ani-IinL othcr Ihan tlie trustLL% ()f l..uro Quah'ti. l.ouiidauon a bodi", fc)r i)ur audit ii'ork-. for thi.s rew)rt. or for rhe OPllllons "¢ hai"c forn]cd. nior Siatuton- ..luditor) r 1nd on bchalf of Grant Thornton Chartered .Iccountanis &. .%ttttuton- .ludirors I)ubhn 13
Euro Quality Foundation Statement of financial actii'ities for the financial s-ear cndcd 30 June 2024 2024 ?(1?3 Unrestrictcd L-EirLStrictLa NOTES INCOMING RESOURCES Incoming resources from generated funds l)(Jniu(Jn Activities for generating funds li)1'1simeni iiicc)mL ()tliLr iiicome Total incamtn 18,142 88,110 3,057 109.309 ()8 81.6411 resources RESOURCES EXPENDED LridLtiire <)ii ch1rir1blL' ¢ Ctil-jtiL Total res(Jurces ex ended Net (outgoing)/incoming resourccs 639,029 639,029 (529,720) -744,?37 ?3:.4113 FUND BALANCES I'uiid b11111ccs bri)u4lir f(JThiird at I lull. tyl)*3 Fund balance5 carried forns?rd at 30 une 2024 1,815.965 1,286,245 I,-j-8, j6• 1.81 i.9C)_I 16 ,111 ami)unts rLl4ltL l() e()ntinthn% OPLfAuons. 'I'hL' n()te% i)n page% l- io ?.1 tnrm part ()t thL%L tin2na21 staiL'mcnts. 14
Euro Quality Foundation Balance Sheet As at 30 June 2024 2024 NOTES FIXED ASSETS Ini-ebtmLnt 10 979.000 979,000 4-,0(10 CURRENT ASSETS l)L'bror (-ash at bank- 275,000 41,245 316.245 9,000 307.245 1,286245 -96.96) 1.(1-6,96i Creditor- amounts falli Net current assets Net assets due wihin one l'ear 13 1.068.96i 1.81i.9()i The funds of the Foundation L nre4rnctL.d intiimL' tund 1.286245 1.81 i.96) "rhe rmancl %tat¢mcnt8 u.crc approi'ed bi. the-I ru%tees 2nd authori8cd for issuc b!" thc board on 2 a J4)j igned on bLhalt i)t thc board.. S M I(halid -I'ru%lLL R M Khalid -1 ru%tcc Sha Le 'I'hc norc% on pa,4cs I- t() 7.1 t-orm pin of Ilicsc fin2nc111 %12t¢mLnt%. 15
Euro Quality Foundation Statement of Cash Floivs As at 30 June 2024 2024 CASH FLOWS FROM OPERATING AcfiviTIES L et loutgoJn%l/iiicoming resources IncrL'15L in dL.bti)r liicrL'15C Ln crLdit()rs Net cash utilised (529.720) 5,000 1,000 523,720) enerated from o erati activities ??3.4{13 CASH FLOW FROM INVESTING AcfIvITIES l)urchasL ()1 Iiii"LsimLnt l)ri)cL'L'd% i)n di% ()sal ot ini-L8tmLnts Net cash utili5ed in investin activities (482,000) 250,000 232.000 ?8 1.0()Ql l)LcrL24 %L in ca%li cluriiig rliL I-C14 r Cash at the be nnin of the l'eat (-as11 11 tlii eiid c>1 tl)I I'L1r (755,720) 796,965 41,245 (()3,-i9:) 8611.-i() -. 96.9().i Cash at the end of ihe l'ear comprise of (.asIi ar b1¢ IIL 41,245 96,96i -l-lic l.()uiidation has no dcbt and Ihus nrj rccnnciliarlnn ncr dcbt prcxcnicd. 'L'lii notL'S 01) P1¥L4 l-. ti) )3 turm pari ()l- thL5t' linAncial %lXILmLnt%. 16
Euro Quality Foundation Notes to the Financial Statements lor the financial vear ended 30 June 2024 General inforn)ation '.ur() (2u1hn' l.oundatii)TJ is regsiered 28 0 charin. bi- E l.IIR(". l.oundatinn numbcr.X'l'j?911. '1'hL. 'I'rustcc 2nd .%LcrLtari- ot thL' cliariTh- arL IIsiLd i)n p2¥L. l_ ThL pnncip21 xnd rLxisILrLd n6ficc ol tliL cI)2nN' 1% "stLd (in page I tngL'thL'r Ki-iili dciads ()- thL priJtL'ssional adi-lsers 2nd b2nkLrs. l-lic charLli- Js reterLd iiith the (.'haritic% C.ommis.4ion ()t l..ngland &- 1121LS und¢r r¢fcrcncc number I119?4? Accounting policies "Ihe principal accounTing policie5 adopted. judgcfflcnis and kei" source% ot cstimauon unCertnn. m the Pl'Lpaiaii()n ()t- rhL hnancial 5t2tLtnLnt_% arL as ft)lloii's= a) Basis of preparatioft I'hL financial siatements arc prcparcd on 2 going c()nccrn basis. under the kn"%tc)rical cosr coni-ention unle4s i)th¢Thii%c nored in thL accnun(Ing poh"ClL'% belou-. -Fhci- hai-e been prL'pafLd in accordance iiitli ttpph"CAblc lau. and acc()iinttng s11ndd5 1ssu¢d b!- Ihe Fmanc121 RLlX)rting Councd. Incluth"n¥ E,']L%l(I? <<Thc Pinancial Repi)rtm.¥ %tand1rd .Ippkc#blc in Ihc L-K and RLpubh'c ot Ircland" (-'FR.s111?" and IhL SiaiLmeni of Rt'cc)mmciidLd Pr2CticL - ,Iccouniing 2nd RLporting bi- C112fiiiLS, CttLctii'c l Januan- ?Ul () {"%()KP")- 'L-hc Euro Qu2h"N- Foundauon miet thc dcfinition of 2 pubhc bcncfit cnun- under l.-R5 10? b) Going concem (Jll-Ln thL. ILI'cl of fund4 thL' cliarin. hold4, thL trusrcLs consider th21 therL arc nn marcr1 uncertainll¥4 Ab()ut thc charin- % abth"n- [() coniinuc cunccrn. c) Currency Iiem% includcd in Ihe l-In2ncial Sf1¢ rcmcnts of the chJriti- arc mcasiired usmg thc currcnci. of tlic prllnan. ecun(Jmic L'ni-ironmLnr m ii-hich Ihc chxnn- UPLr2te% ("Ihc funciional currL'nci" Ihc tinxnciAI stllLmL'nt IrL PIL%¢ntcd In StLrhn¥. IN-hicli ]% Ihc clixnn- N tuncu()nal and prLSent2tiun currenci-. and is dcnoied bi. Ihe -%i'nib()I 'L-' d) Incoming resources Voluntan. income .111 income LS fLC().¥niscd i)nce the l.ound2ti()n lia% ciitiilemL'ni tci tlIL" incc)mc. li 1% probable th2t tl)L InciJmL bL rcccii-ed and thL amouni ot- mcomL t¢c¢ii-ablc can be measured rLliabli-. Bank interest 'I'h¢. l.c)und1uon doLS nDt ini-cgt u] account4 ii-lucli .gciicrarc inierL'%t. 17
Euro Quality Foundation Notes to the Financial Statements for the financial Neat ended 30 June 2024 Accouniing policies (continued) Investment and othet income Ini-cstmcnt iiici)mL' 1% included u'hen receii-ablc. ()Ilier iiici)IllC 1% rcc(Igni%cd m ihL PLnod in ii'hich li is rLCLlI-ablL And (() Ilie circiii ir lia4 bLL"n L2rnCd. Ethical Income -.thic11 Inci)mL rLccii-ablL 1% inclLidLd in Ihc hn1ncial sTaiemLnts in ihL pcriod in ii.hicli li i< rLceivxblL b!- rhi I'oundarion. e) Cash at bank (-a%h at bank includ¢% dLPO%lts iiith ffftancial instirutiiJn% rep2I'llble iiithout pcnalti- ()n nutice of noi mi)re than ?4 hours. fj Debtots %li{)rr-ILrm dcbtors 3fL mLisured ai transacrion pricc. IL"ss ani- llnpament. I nans adi-ances are measurLd Initialli. xt txir i-aluL. nct of transacuon co4t4. and are measured qubq4uL"ntli" ttt amoriised c(Tr4t u4irLg the LlfL'CUI'C interest mcihod. Ics% ani- impament. g) Investments Ini-cstm¢'nts in unh.sted ini'estmcnis arc clas%itt¢d l-LILd A%%ei ini-csrmcni% as thL I,oundauon intLiids tu h(Ild tl)LSL C)n a Ii)iig-tcrm b14 and arc hLld xi c()%r IL%$ 1nnu11 impairtnLnt. h) Financial instruments 'I'he I,oundauon onli- lia% financial ii and tinanci21 liabiliric% nf a kind t112t quah'fi- AS basic financiAI InsrriimLllis. Bttsic hnaiic111 insrrumi'nis ari. Init11111' rLcugni.scd ar rransacll()n pricL 1nd sub%L'4ULnil!- mL2bLifLd .11 IhLlf SLltILniLni I'21uL. unlL%% thL Arr2n¥cmLnr c(bn.sfimiL.S a fi112nciii¥ IranNaciii)n. l.In:Incing tr:In51Ctic)ns 1ri' irniialli- mL1%urLJ 41t ilic ptL'%Lni i-21uL' C)t- Ilic l-ururc rLcLipts th4cnunied ar a m41rLL't ratL ()f intLfL 4t. fl sub%LqULntl!' C1¢ rriLd ¢11 anii)rtI%Ld c()%t. u%ing ilic cffccrii-c intLfL'St ratL mcthnd. i) Resources expended ,111 L'ipLiiditiirL IS JccI)IiniLd l-or on an accru2¢1s ttnd ha% been c11ssificd undir heAdinx% that at¢.¥tL. all ci)4ts rLlatLd t() thv cate.¥()n'. 18
Euro Quality Foundation Notes to the Financial .%tatcments fot the financi21 l'ear ended 30 June 2024 Accounting policies (continued) Grants pal'able D()nl1il)Tl% AI'L I'LCO.gllisLd m thL tinancial %raicmcni% 1% littbditiL% Jfier thei- hai-¢ bcLn apprni-cd bi- Ilic trLL.%tLL% Ll-Ln if rlicrc 1fL con(h"ll()n% attachcd t() tlicm. l-lus Is bccause therL 1% a i-ah"d L'_IPLCtatic)n bi- thc rccipient% th2t th¢'i- uill rcccii-c Ilic grant. Ilhere 2 dc)natic)n is am-ardcd for a penod ol- grL'AtL'r tlijn ()ne l'ear. tuturL' inqralmcnrs ol- ii'kn"ch are 4ubjvcr tr) qati%tacron- reports (o Ihe-l ru%t. thL tuturc grant insialmcnts arL' inclLidcd in cDmmitmLnts but arL' noi rccognised in rhe Iinancial statt'tncnts until satisEacron' report are recLlI-ed. 'I'hi% Is bccausc Ihe terms on 'hICh thcsc granis arc a-arded do noi cre2te 2 I-3h"d cxp¢ctJtiiin ()t rLC¢lPt until thc Trust's Tru4tL'L.s ar¢ satisficd 1th rhc reports receii'ed ()n the u4¢ madc OF thc prciious i-car % iristalincnts. Governance costs CJ()i-¢mancL' cosrs are the co4t% a4%()ciatLd iiitli rhc goi-ern2ncL arr2ngem¢nt< ul thc I"ound1ti011. 11-liicli rLlatL' to the gLnL'r&l running of rhc E,oundallon as OppL)a t() tlios¢ costs a8s0ctcd iiith futidralsing or ch1ntablc acUIitt-. Pension costs I'hc E'oundatii)n d()L% not opcrate a pension schemL. and its trusiccs rcccti-c no remuner2tion. j) Unrcstrictcd funds L'nr¢%ttictcd funds are amounts, u-hich arc cipcndable at the th"scretion of the trustccs in furthcrancc of the xim% ot thc Trust. Critical accounting judgements and estimation uncenaint) l)rLparati()n (It thL tinancial staiemint% rL4UItL% mi2nagcmLnr r() makc sigrnlic1ni jLLdgLmLnts and L'%titnatL'%. JudgmL'nt% and c81imAies 1re continu2lli' ¢i-aluatcd and arc based on kn"4ioncAI eipL"riencL and c)tlicr Eacr(Jr4. inclLIdg LXPLCtaUI)n% ()t- trururc ci-ents rh11 afL beh"l'i-L tc) bL rcason1blL undcr tliL cifcLim4iancL'S. .Ict1111 re%ults mai- ultimaicli. &ffer Irom thvsL csumatcs. In the prcTrcLS5 ()f appli'ing rhe accountin.g pnhcit'4 tnanagcmcnt has made the follo11.% judgmLnt4 ind c8timi11C%. '1ch hai-L thL' miiNt %JgnitlC2111 cflcct on the ttm()unt4 rLc()gnisLd in Ihc fm111cial %iaiLments'. Pr()i-i%ii)ris 1¢ rc madL, for SPL'Cltic and .gri)up% ()f 1ccnullis. -1]Cre objcctii-e ei'idLncL' ()l- iMp71[niL.nt ¢'ll¥[N. -l-lic I'uuiid1tion Ll-2lu2tLN ihL'%L acc()uni% b15Ld on ai-2dtsblL tact4 and circunisr4111CLS iiicludm.g. but n()t bmircd 10. rlic Icngtli ot thL relaticJnshLP iiiili thl I'oundauon. Ilic I'oundauon crL.th"t staru% baqLd on kilo mArkL't t()Ic¢'s. ai-cragc agc nf account%. collL'cllon LXPLnencL and hist()riC¢l1 cNpcnLncL'. Ib) l/pJi)¢iirmeiil ol inivsfnieiil In assLssing impairment uf mi-L%tmLnt% tnana£L'nicnr cs(imatLS Ilie recc)I'Lf2blL' am(Junt ()t- Lach cr i)r casli geiiLrAtm¥ unir basL'd ()n clpccied i-uturL C15h tl()iii and u4(.4 an illfL'rL'sr r?rc' rc) di4c()LLnt tliLm. I'.%iim111()n iiiiCLriamti" rLl£ltL.d tr) a%%umpri()n% abour fiirurc OPLf1ting rl %Lilts and thL dLfLrmiiiation c)t- 1 %LLlt¢iblc' diNc()uni race. Xo unplMl.nI h24 bLLll r¢c().¥niicd during tlic tiniiic111 i'Lar. 19
Euro Quality Foundation i otes to the Financial Statements for the financial lear endcd 30 Junc 2024 Nei (outgoing)/incoming resources i Lt (iJutg)in.4)linciiniing rL%iJurcL'% 1% statLd al-tLf char¥mg'. 2024 .ludiii)r s remuiicration 1,000 1.1100 Incoming resources Unrestricted funds 2024 Total 2024 IncoTning resources froTn gcncratcd funds l)()Iiiu()n% l-r()m rL11rcd partlLS C)thLr d()nati()n4 Total income relatin 9,406 8,736 18,142 18.142 18,142 tn fundraisin Activities for gcnerating funds Iiii-L %ltnLllI Inc()me ()tlic r iiicomL Total income from Total incomin 88,110 3,057 91.167 109,309 88,110 3,057 91,167 109,309 eneratin funds resources Unrestricted funds 2023 Total 2023 Incoming resoiirces from generated funds l)i)r11rions trom rclaicd pariics C)rlii r Ll()nqtions Total income relati -, 63.-114 138 763.-[14 1381 -()_3,84? to fiindraisi -6.3.X47 Activitics for generating fund5 Ini-L%iillLnt iiicumL ()tliLr inc()m¢' Total income from Total incomin -98 -() enerati funds resources 81.6411 81,()411 Investment income 2024 Income from iinh'sted ini'c%imeiii 88,110 20
Euro Quality Foundation Notes to the I;inancial Stitcments for the financial l'ear eftded 30 June 2024 Analysis of staff costs, ttustee remuneration, expenses and the cost of key management pcrsonnel 2024 Number Numb¢r "I'he numbLr of rrustee% at thL' cnd of rhc l'ear i onc ot thi trU*tcc rcceii-ed remuncration during the l-ear l?11?3= 1lilj and che l.()undation had no cmploi-ees (?11?3- INil) or $21an- cnsts. No c.Ipense& h3I'e bLLn paid the trustee% durtng the l'ear l?[1?3= £Nill. -I'licre is no pri)tc%sional mdemrntt- In4urancc taken out on behalt ot thc -l-rustee% (?11?.3.. LNTlll. Expenditure on charitable activities 2024 Unrestticted L'nrLStrictc(i Charitable activities E."mer.¥Lnci" &. I Ic11rlic1re I,"ducation &. "I rnIng %octhl (.c)mmuiun' 11 elf2rL OthL'r su ori costs 105JOO 265,583 262.421 5.725 639,029 1 ?4.[16-, 19i,'ill 1,114.) Taxation -rhe E.ound2ti1)n is a re$[crea chariti-. and as such IS Lntidcd ro ccrtain tLx eKempti()ns 1)n income and pr()111s l-r()m ijii-c%imeiit4. Ind 5urpl(S on ani" trit thn¥ acrii-iiie% c1med on in thc Eurrhcratice of tliL I,oundau()n s pnmttn- objcc(ii-es, if these prohts and sutpluses 2re applicd 8oleli- for clixntible purposes. 'I'lic I'olindauon 1% n()t rc.$[Crea for I'.I'l' and accorihngli-. llll thL'ir Liycndirurc 1% recordLd inclusii-c ot- ani- I'.l-I' mcurrLd. 21
Euro Quality Foundation i otes to the Financial Statements for the fInancial vcat ended 30 June 2024 10. Investments Unlisted Investment5 Foundatson Cost and net book value 4-..Iln(I .laditi()n4 At 30 June 2024 979,000 liii-LsimLllfN r¢.late t() an mi-e4tmcni madc iii an unlistcd Lntitt- ii'herc Icss rh1n a signific2nt influcncc i IILld. 'I'lii fl i'iluL nl- Iliig itli-L'%ttnLfLI cannut bi rLh"abli' mc41qurcd in li]iL II1tli thL. IuLf1rclii- in l.'R.S111 ..IppLndLN t(Tr %LCtiOn _ and a rcsuli ir 1% hLld Jt cc)%t. 'IiILre arc no pri)i-i%i()ns a.4nl thi% proi-ision II t .311 'I'hL4e loiig-lcrm ini-csrmint% art hLld m thL L-rnted kniigdom and Li141 primaril!. (o proiidc an ini-¢stmLnt rLtum t()r thL loundauon. 11. Debtots 2024 ?(1?3 l.cjan 2di'ance% Jncluthn Qard I lasans) 275,Th)0 ?8n.nni 12. Cash at bank 2024 •11?3 (_ash at bank 41,245 -96.96) 13. Creditors: amounts falling duc NsTrthin one !'ear 2024 -IccrL111 9.000 14. Financial cornmitmcnt ,Kt )11 lunL ?11?4 thL I,()LLndation had no fts]1ncial cc)mmitmLnt% (?11?_l= ATrd). 22
Euro Quality Foundation l otes to the Financial Statements for the financial !'ear ended 30 June 2024 15. Untestricted funds Balance Incoming Outgoing Balance ljul!. 2023 funds funds 30 June 2024 Grou (JonLf11 tund 1.81_7.96.i 1,815.965 1119.-i119 (639,11?1)I 109,309 (639,029 1 ?8(1.?4.7 1286,245 16. Anali'sis of net assets between funds 2024 Unrestricted funds Total funds Ini"csimeni4 Current as%¢t C.r¢'ditc)rs.. falh"n du¢ iiirhiii onL I"L'21 979,000 316,245 9,000 1286,245 979,000 316,245 9,000 1,286,245 2023 Unrestricted funds Total funds Ini-L%rmcni Current 2%Nt't Creditc)rs-. [a'n 1,0-6,96i (8.11110) 1.81 i.96.) 1.0 1 6.96) due iiithin one l'ear 1.81.i,96. 17. Ultimate controlling partl. "L'hL tru%tccs are deemcd rhc uItim2te controlling pam" due t() thcir Position thL l.oundauon. 18. Related parts. disclosures 'I'hL' I'oundation rvcLii-cd (?()?- J(J.tMJII) from ("on-cdalc Fresh J.llnitL'd Iformcrli. l."ur() Qui£ liti- l.amb% l.imiiL'dj. CoTh-L.d2lL l.rL's1i l.imited 1% dctincd as a re121ed pjm" undcr l.'RS 111? 24 -() i)f thc Irusiee f l..ur() Qluah"ti" E,i)undarion are 2150 dirLcrors of Con-edilc. l.rcsh l.imtted. -I'he I,cJundaiion recLlI-¢d LNil l?{I?3'. L'.8.IIIMI) trom Europ2ck- l.td. F.uropack l.td Is dctincd as a related parti- undcr F,-R.% 111? as one of the trusiccs of l.'urc) QuahTh- l.i)Lindation 1% 214() a Ihrccior ol F.'uropacL l.td. 19. Events since end of financial l.ear -I'herL bcen no s1.gntticant ci'eni% 2t-t-eet1 Ihc Foundauun %mcc thc fmAnc121 I-ettr-rnd. 23