UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] May 2024
Charity Number 1129392 Company Number **CE031486** (England and Wales)
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_FatFace Foundation Unaudited Report and Financial Statements 31 May 2024_
## **Contents**
|**Contents**||
|---|---|
|Legal and Administrative Information|3|
|Trustees Report|4|
|Aims and Objectives|4|
|Activities during the period|6|
|Our 2022 Strategic Goals to 2030 impact so far|7|
|Financial Review|8|
|Reserves policy|8|
|Plans for Future Periods|8|
|Structure, Governance, and Management|9|
|Restricted Funds|9|
|Trustees|10|
|Independent Examiner|11|
|Independent Examiner’s Report to the Trustees|12|
|Respective responsibilities of Trustees and Examiner|12|
|Basis of Independent Examiner’s Report|12|
|Independent Examiner’s Statement|12|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Cash-flow Statement|16|
|Notes|17|
|1.
Accounting Policies|17|
|2.
Critical Accounting Estimates & Judgements|18|
|3.
Incoming Resources|18|
|4.
Total Resources expended|19|
|5.
Employee and Trustee expenses|19|
|6.
Taxation|20|
|7.
Fixed assets – Plant and Equipment|20|
|8.
Debtors|20|
|9.
Analysis of net assets between Funds|21|
|10.
Movement in Funds|22|
|11.
Going concern|22|
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## **Legal and Administrative Information**
Charity name: Fat Face Foundation Charity registration number: 1129392 Company registration number: CE031486 (England and Wales) Registered office and address: 1 - 3 Ridgway Havant Hampshire PO9 1QJ Directors and Trustees: Ian Williams Nicola Amos (Chairperson) Joanne Wilson (Appointed 24 October 2024) John Davies (Appointed 21 May 2024) Molly Hogge (Appointed 1 May 2024) Matthew Prosser Robert Blackwood Laura Praeger Jodie Higgins William Crumbie (Resigned 24 October 2024) Secretary Charlie-Rose Oliver Independent examiner: Rock Tax and Accounting Elm House Tanshire Park Shackleford Road Elstead, Godalming GU8 6LB
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## **Trustees Report**
The Trustees, present their report along with the financial statements of the charity for the period ended 31[st] May 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 (‘FRS102’).
## **Aims and Objectives**
The Trustees are committed to the mission of “Changing people’s lives wherever FatFace goes”.
## **What we are all about**
The FatFace Foundation is a registered charity set up in 2009 to make a positive and enduring difference to the lives of people in communities where FatFace sources, manufactures, retails and distributes its products.
We pride ourselves in enabling and engaging FatFace communities, chosen charity partners, suppliers, crew and customers alike to get actively involved and make a real difference to the people around us and the planet we live on.
FatFace Ltd continues to support the Foundation by donating their clothing, footwear and accessory samples, as well as roughly 20,000 units of terminal stock per annum. This is collected from the nearby FatFace head office and sorted by our incredible Foundation team – made up of 7 crew and 26 volunteers - and sold in our FatFace Foundation shop in Havant, Hampshire. This shop is the main source of funding for the Foundation where all the profits of everything sold goes direct to our charitable partnerships.
Established in 2018 in a small, slightly obscurely placed unit outside the Meridian Shopping Centre, the Foundation shop was an immediate success. Building on this, the Trustees, along with the Foundation team, made the decision to move into a much larger unit within the centre to help increase footfall and sales and therefore the amount of donations we can give. This relocation in late 2021 also enabled us to expand our volunteer and work experience programmes. Our ability to provide this service to the local community is one of our proudest achievements, with over 70 people joining us over the last 6 years. Whether in need of work experience, a boost in confidence or simply a friendly workplace to provide a certain skillset to the charity for 4 hours a week, our programmes are there to galvanise the community whilst helping the Foundation shop, and thus the Foundation, to succeed.
## **Our (updated as of 2024) Mission**
To raise money and distribute grants that will change people’s lives, and the planet, wherever FatFace goes.
To make a difference to individuals when they most need a helping hand, whilst supporting legacy programmes aimed at enriching our communities and the planet for years to come.
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## **Public Benefit**
The Trustees have referred to the guidance of the Charity Commission’s general guidance on public benefit when reviewing aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. In the Trustees' opinion, the activities of the charity benefit the wider community through the support provided to other causes and charities involved in health and wellbeing, environmental issues and support for disadvantaged young people.
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## **Activities during the period**
## **The FatFace Foundation strategy to 2030**
In 2022, the Trustees created 5 goals to 2030:
1. We will donate £500,000 per year to help change people’s lives wherever FatFace goes. This means supporting projects in the UK, the USA and Canada where FatFace trade. It will also include supporting projects across their supply chain.
2. We will plant 60,000 trees across 100 acres to create a forest for the enjoyment of people and wildlife for generations to come.
3. We will plant 200 square metres of seagrass/kelp forests to restore coastal water biodiversity and help store carbon in the seabed.
4. We will create 35 hectares of wildflower pathways to promote pollination and help save insect species from extinction.
5. We will help 25,000+ young people in the UK and abroad stay in education, to follow their dreams and improve their life prospects.
We are exceptionally proud to say that through our donations of £711,306 in the financial years between 2022-2024, each of these goals are well underway to being achieved through various chosen charitable partnerships such as:
## **Buglife**
This year the Foundation partnered with the amazing Buglife charity with a plan to create 35 hectares of wildflower pathways in specially selected areas in the UK. Buglife is the only organisation in Europe devoted to the conservation of ALL invertebrates and are working hard to protect and save our rarest little animals through projects such as ‘Life on the Edge’ and ‘BLines’.
## **Ocean Recovery Project**
The FatFace Foundation is proud to support Keep Britain Tidy’s Ocean Recovery Project whose 1,100 volunteer participants have recovered more than 180 tonnes of marine plastic waste from our oceans since 2016 – that's the weight of six humpback whales! And they're not stopping there. The Project is giving hard-to-recycle marine plastic an incredible second life, with recovered materials having been used for everything from sound boards at Glastonbury to mile markers at the London Marathon... and even a humble school bench! The Ocean Recovery Project meticulously sorts hundreds of metres of rope and netting by hand before transporting them to a UK recycling plant. There they're shredded, washed and dried before being transformed into plastic pellets, ready to be reborn as something new – a stylish candle holder, a sturdy bench or even a vibrant plant pot.
## **National Forest**
In a groundbreaking 75-year and £200,000 partnership with FatFace, the FatFace Foundation and the National Forest, 60,000 trees were planted at Minora Woods in the National Forest. Since 2021, a carefully selected mix of broadleaved trees and conifers were chosen for their ability to take up carbon quickly, whilst others were chosen for their benefits to wildlife in the area.
## **Solent Seagrass Restoration Project**
In early 2023 the FatFace Foundation partnered with Hampshire and Isle of Wight Wildlife Trust and their Solent Seagrass Restoration Project by donating £30,000 every year for the next 3-5
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years. This project is attempting to bring seagrass back to the Solent where it was once in abundance but has lost around 97% in the last century. Seagrass is vitally important for 3 major areas: A) as a habitat for the incredible biodiversity in the Solent B) as a natural sea defence against coastal erosion C) the potential for sorting carbon in the seabed and helping to fight climate change. In the last year the project has seen some big wins such as harvesting far more Zostera Marina seeds from Seaview, IOW than the previous year with an estimated 30,000 collected and planted in 2023.
## **ID Care and Parikrma Humanity Foundation**
To celebrate a 25-year relationship with FatFace’s longest serving manufacturer, Indian Designs (ID), the FatFace Foundation have engaged in a school and scholarship funding programme in Bangalore, India. We believe that education is a powerful catalyst for change and since 2023, have donated £100,000 towards helping to improve the conditions of a local government school as well as funding a fantastic scholarship programme.
The school improvement project is co-sponsored by ID Care Trust and mentored by a renowned NGO Parikrma Humanity Foundation. ID Care Trust has adopted the local government school and is working with the Parikrma Humanity Foundation to improve the school environment, facilities, infrastructure and standard of education in this school.
We are also sponsoring over 48 scholarships for the aspiring children of workers in one of FatFace’s manufacturing factories with Indian Designs.
By collaborating closely with ID Care Trust and Parikrma Humanity Foundation, we are not only supporting them in their mission to enhance the area’s educational facilities but also nurturing the potential of young minds. Empowering the next generation, ensuring they have access to quality education and opportunities that can change their circumstances.
## **Our 2022 Strategic Goals to 2030 impact so far**
With each of these goals being on course to success and our chosen charity partners working hard to make it happen, the board came together to create a new strategy to take us through to 2030 and enable us to have even more impact.
During this strategy session we decided to simplify our pillars from three to two:
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## **Financial Review**
It should be noted that this period has generated significant funds through the Foundation shop and the Foundation does not rely on funds being directly sourced from FatFace Limited but the two parties are utilising the terminal stock as a vessel to support the Foundation shop and generate funds for good causes.
We are delighted that the Foundation shop continues to trade well and is now supporting fundraising to execute the strategy.
## **Reserves policy**
It is the policy of the Trustees to maintain sufficient reserves to meet the liabilities of the charity as they fall due, including expenditure committed for or on behalf of our charity partners. Income of £717,471 and resources expended of £654,736 for the period, compared to £796,536 income and £628,999 expended from the previous period, have resulted in net assets increasing from £510,760 to £573,496 for the current period, of which, all but £8,002 is held unrestricted and will be used for general charitable purposes and applied to those purposes as soon as is reasonably possible in accordance with the charity’s governing document.
## **Plans for Future Periods**
Our planet focus for the next six years is to ‘Seas the Day’ and invest in the health of our ocean by supporting charities that are working hard to educate and engage communities on our oceans, whilst also helping to restore and protect it.
We believe that life is tied to our oceans. The rivers, seas and lakes connect us all through sustenance, culture and activity. Home to abundant life, the water on our blue planet is a powerful solution to the climate crisis. Water is life and we want to protect it, restore it and educate the next generation, allowing them to be the first to leave our waters clearer, cleaner and better than they found it.
## **Ocean Generation**
We were thrilled to partner with Ocean Generation this year in supporting their mission to inspire, educate and engage the next generation on the importance of looking after our ocean. A donation of £35,000 will fund their Wavemakers programme for 2024, focusing on empowering 10,000 young people to take ocean action whilst also supporting the training of 25 new Wavemaker leaders to continue this important work within Ocean literacy and advocacy.
Through our community pillar, we will continue to support young people through education, health and wellbeing and sport. As well as supporting all within our local communities via the I Will Grants fund created in 2022.
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With access to up to £40,000 a year, crew throughout the FatFace business can nominate charities and amazing causes close to their hearts for a much-needed donation. Examples of these from the end of 2023 include:
- £3,750 donated to education and sports, such as £750 to go toward new outdoor play equipment at Southwold Primary School.
- £10,250 donate to community projects such as £500 to East Belfast Baby Bank to help them support the needs of families and asylum seekers in their area.
- £3,900 donated to medical support/research charities such as £750 to the Anthony Nolan Charity in memory of a crew members loved one.
- £3,300 donated to animal rescue and environmental charities such as £300 to Green Acres Animal Rescue in Pembrokeshire.
## **Our work in North America**
The Foundation works with North American FatFace stores to support 2 incredible charities that work tirelessly to help those in need within their communities. To Write Love on Her Arms is a movement dedicated to presenting hope and finding help for 1,000's of people struggling with depression, addiction, self-injury, and suicide.
One Warm Coat is a non-profit US based organisation with a mission of providing free coats to children and adults while promoting volunteerism and environmental sustainability. The Foundation donated $15,000 while the stores collected 100's of coats whilst fundraising too.
## **Structure, Governance, and Management**
The Foundation continues to operate as a CIO (Charitable Incorporated Organisation). The CIO was established under a Memorandum of Association, which established the objects and powers of the CIO and is governed under its Articles of Association through the Charity Commission’s ‘Foundation Model’.
There are seven charity trustees for the purposes of charity law. Trustees remain on the Board of Directors until their appointment is terminated in accordance with the Articles. There is no time limit on how long a Trustee may remain on the Board nor is there a requirement for reelection. In the event of the CIO being wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities
The Board convened four times during the period.
## **Restricted Funds**
Restricted Funds relate to donations from FatFace Limited, or elsewhere, arising from the sale of designated products associated with named charities or otherwise restricted as to the applications to which they can be applied.
Under the Single Use Carrier Bags Charge (Wales) Regulations 2010, and Carrier Bag Charge (Scotland) Regulations 2014, all retailers in Wales and Scotland offering single use carrier bags
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must charge customers at least five pence per bag, and this money must be directed to registered charities within the regulated country.
## **Trustees**
The trustees during the period under review were
- Ian Williams
- William Crumbie (resigned 24 October 2024)
- Nicola Amos (Chairperson)
- Matthew Prosser
- Robert Blackwood
- Laura Praeger
- Jodie Higgins
- John Davies (Appointed 21 May 2024)
- Molly Hogge (Appointed 1 May 2024)
## **Trustee’s Responsibilities**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees are required to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable incorporated organisation and of the profit or loss of the charitable incorporated organisation for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently
- observe the methods and principles in the charities SORP
- make judgments and estimates that are reasonable and prudent
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable incorporated organisation will continue in business
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable incorporated organisation's transactions and disclose with reasonable accuracy at any time the financial position of the charitable incorporated organisation and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable incorporated organisation and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **Independent Examiner**
Chris Lowry of Rock Tax and Accounting has expressed his willingness to remain as Independent Examiner for this Unaudited Report and Financial Statements.
This report has been prepared in accordance with the special provisions of the Part 15 of the Companies Act 2006 relating to small companies.
By order of the Board
Matthew Prosser Director 31[st] January 2025
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## **Independent Examiner’s Report to the Trustees**
I report to the charity’s Trustees on my examination of the accounts of the company for the period ended 31 May 2024.
## **Respective responsibilities of Trustees and Examiner**
As the charity's trustees, 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Basis of Independent Examiner’s Report**
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
## **Independent Examiner’s Statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did 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.
Chris Lowry Rock Tax and Accounting Elm House, Tanshire Park Shackleford Road, Elstead Godalming, GU8 6LB
Dated: 20 February 2025
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## **Statement of Financial Activities**
## **(including Income and Expenditure Account)**
## **For the period ended 31 May 2024**
||Notes|Unrestricted|Restricted|Total|_Total_|
|---|---|---|---|---|---|
|||Funds 2024|Funds 2024|Funds|_Funds_|
|||||2024|_2023_|
|||£|£|£|_£_|
|**Incoming Resources**||||||
|Incoming resources from:||||||
|Charitable activities|3|704,141|-|704,141|785,039|
|Donations|3|5,329|8,002|13,331|11,497|
|||——————|——————|——————|_——————_|
|||**709,470**|**8,002**|**717,472**|**796,536**|
|||——————|——————|——————|_——————_|
|**Resources Expended**||||||
|Charitable activities|4|375,244|-|375,244|366,986|
|Costs of generating voluntary
income|4|279,492|-|279,492|262,013|
|||——————|——————|——————|_——————_|
|Total resources expended||654,736|-|654,736|628,999|
|||——————|——————|——————|_——————_|
|**Net Movement in Funds**||54,734|8,002|62,736|167,537|
|Total funds brought forward||510,760|-|510,760|343,223|
|||——————|——————|——————|——————|
|**Total funds carried forward**||565,494|8,002|573,496|510,760|
|||——————|——————|——————|_——————_|
The statement of financial activities includes all gains and losses in the period. All incoming resources and resources expended derive from continuing activities.
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## **Balance Sheet**
## **As at 31 May 2024**
## **Company number CE031486**
||Notes|2024|_2023_|
|---|---|---|---|
|||£|_£_|
|**Fixed Assets**|7|97|2,882|
|**Current Assets**||||
|Stock||-|-|
|Debtors|8|234|84,228|
|Cash at bank||599,126|425,870|
|||—————-|—————-|
|||599,360|510,098|
|||——————|——————|
|**Creditors: Amounts falling due within one year**||||
|Creditors||-|_-_|
|Accrued expenses||(25,961)|(2,220)|
|||——————|——————|
|||(25,961)|(2,220)|
|||——————|——————|
|**Net Assets**|9|573,496|510,760|
|||——————|——————|
|Unrestricted funds||||
|General funds|10|565,494|510,760|
|Restricted funds|10|8,002|_-_|
|||——————|——————|
|**Total funds**||573,496|510,760|
|||——————|——————|
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For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit or loss for the financial period in accordance with the requirements of section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act.
The notes on pages 14 to 22 form part of these financial statements.
Approved by the Board for issue on 31[st] January 2025.
Matthew Prosser
Director
Dated: 31[st] January 2025
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## **Cash-flow Statement For the period ended 31 May 2024**
||2024|_2023_|
|---|---|---|
||£|_£_|
|**Net Movement in Funds for the year**|59,494|167,537|
|**Adjustment for:**|||
|Depreciation charge|2,785|7,583|
|Bank interest received|3,242|-|
|(Increase)/decrease in debtors|83,994|(17,318)|
|(Decrease)/increase in creditors|23,741|(59,267)|
||—————-|—————-|
|Net cash provided by operations|173,256|98,535|
|**Cash and cash equivalents at start of year**|425,870|327,335|
||——————|—————|
|**Cash and cash equivalents at end of year**|599,126|425,870|
||——————|—————|
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## **Notes**
Forming part of the financial statements of FatFace Foundation, a company limited by guarantee in England and Wales; registered office address Unit 3 Ridgway, Havant, Hampshire, PO9 1QJ.
## **1. Accounting Policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.
- (a) Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102.
## (b) Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor, through the terms of an appeal, or through legislation.
(c) Revenue Recognition
All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Voluntary income is received by way of donations and gifts and is included in the Statement of Financial Activities when receivable. Donated services have not been included since these cannot be quantified. The value of services provided by volunteers has not been included in these accounts.
Incoming resources from other trading activities relate to sales from the Foundation shop in Havant, Hampshire.
## (d) Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Costs of generating voluntary income reflects the expenses incurred by the Charity in raising funds. Charitable activities are grants made to partner charities. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, such as the fees paid to the independent examiner.
- (e) Tangible Fixed Assets
Fixed assets relate to the fixture & fittings of the Foundation Shop and are depreciated on a straight line 3 year or 5 year basis.
- (f) Current assets and liabilities
All current assets and liabilities are stated at the settlement amount after any discounts given.
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## **2. Critical Accounting Estimates & Judgements**
No significant accounting judgements and estimates have had to be made by the directors in preparing these financial statements.
## **3. Incoming Resources**
Incoming resources from charitable activities relate to the sale of goods donated to the charity. No cost is attributed to these donated goods. These goods are sold through the Foundation’s shop in Havant. Donations received in respect of restricted funds relate to the sale of carrier bags by FatFace Limited shops in Wales and Scotland.
Incoming resources for the year to 31 May 2022 were as follows:
||Unrestricted|Restricted|Total|
|---|---|---|---|
||Funds|
Funds|Funds|
||2024|2024|2024|
||£|£|£|
|Charitable activities|704,141|-|704,141|
|Donations|5,329|8,002|13,331|
||——————|——————|——————|
||709,470|8,002|717,472|
||——————|——————|——————|
||_Unrestricted_|_Restricted_|_Total_|
||_Funds_|
_Funds_|_Funds_|
||_2023_|_2023_|_2023_|
||_£_|_£_|_£_|
|_Charitable activities_|_785,039_|_-_|_785,039_|
|_Donations_|_3,390_|_8,107_|_11,497_|
||_——————_|_——————_|_——————_|
||_788,429_|_8,107_|_796,536_|
||_——————_|_——————_|_——————_|
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## **4. Total Resources expended**
||Unrestricted|Restricted|Total Funds|
|---|---|---|---|
||Funds 2024|Funds 2024|2024|
||£|£|£|
|Costs of fundraising|270,422|-|270,422|
|Governance|9,070|-|9,070|
|Charitable activities||||
|(donations made)|375,244|-|375,244|
||——————|——————|——————|
||654,736|-|654,736|
||——————|——————|——————|
||_Unrestricted_|_Restricted_|_Total Funds_|
|---|---|---|---|
||_Funds 2023_|_Funds 2023_|_2023_|
||_£_|_£_|_£_|
|_Cost of fundraising_|_246,126_|_-_|_246,126_|
|_Governance_|_15,887_|_-_|_15,887_|
|_Charitable activities_
_(donations made)_|_351,525_|_15,461_|_366,986_|
||_——————_|_——————_|_——————_|
||_613,538_|_15,461_|_628,999_|
||_——————_|_——————_|_——————_|
Costs of fundraising principally represents costs of running the charity shop, including costs of staff recharged by FatFace Limited, together with rent, rates, utilities and other running costs.
Included in governance costs are fees for the independent examination of £2,700 (2023: £2,200).
## **5. Employee and Trustee expenses**
The Charity had no employees during the period. Workers within the Foundation shop are employed by FatFace Limited with costs being recharged.
No Trustees received any remuneration during the period. There were no expenses reimbursed to Trustees.
No Trustee or other person related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the period.
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## **6. Taxation**
The Charity is exempt from tax on income falling within s505 of the Income and Corporation Taxes Act 1988. No tax charges have therefore arisen in the Charity.
## **7. Fixed assets – Plant and Equipment**
|**Fixed assets – Plant and Equipment**||
|---|---|
||2024|
||£|
|Cost at 1 June 2023 and 31 May 2024|39,722|
||—————-|
|Depreciation at 1 June 2023|36,840|
|Charge for the year|2,785|
||——————|
|Depreciation at 31 May 2024|39,625|
||——————|
|Net book value at 31 May 2024|97|
||——————|
|Net book value at 31 May 2023|2,882|
||——————|
## **8. Debtors**
|**Debtors**|||
|---|---|---|
||2024|_2023_|
||£|_£_|
|VAT|234|_69,953_|
|Prepayments|-|_14,275_|
||—————-|_——————_|
||234|_84,228_|
||——————|_——————_|
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## **9. Analysis of net assets between Funds**
||General|Restricted|Total|
|---|---|---|---|
||Funds|Funds|Funds|
||2024|2024|2024|
||£|£|£|
|Fixed Assets|97|-|97|
|Stock|-|-|-|
|Debtors|234|-|234|
|Cash|591,124|8,002|599,126|
|Accrued expenses|(25,961)|-|(25,961)|
|Trade Creditors|-|-|-|
||——————|——————|——————|
||565,494|8,002|573,496|
||——————|——————|——————|
||_General_|_Restricted_|_Total_|
||_Funds_|_Funds_|_Funds_|
||_2023_|_2023_|_2023_|
||_£_|_£_|_£_|
|Fixed Assets|_2,882_|_-_|_2,882_|
|Stock|_-_|_-_|_-_|
|Debtors|_84,228_|_-_|_84,228_|
|Cash|_425,870_|_-_|_425,870_|
|Accrued expenses|_(2,220)_|_-_|_(2,220)_|
|Trade Creditors|_-_|_-_|_-_|
||_——————_|_——————_|_——————_|
||_510,760_|_-_|_510,760_|
||——————|——————|——————|
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_FatFace Foundation Unaudited Report and Financial Statements 31 May 2024_
## **10. Movement in Funds**
|**0. Movement in Funds**|||||
|---|---|---|---|---|
||At 1 June|Incoming|Outgoing|At 31 May|
||2023|resources|resources|2024|
||£|£|£|£|
|Restricted Funds|||||
|Sales of Carrier bags - Wales|-|6,066|-|6,066|
|Sales of Carrier bags - Scotland|-|1,936|-|1,936|
||——————|——————|——————|——————|
||-|8,002|-|8,002|
||——————|——————|——————|——————|
|Unrestricted Funds|510,760|709,470|(654,736)|565,494|
||——————|——————|——————|——————|
|Total Funds|510,760|717,472|(654,736)|573,496|
||——————|——————|——————|——————|
||_At 1 June_|_Incoming_|_Outgoing_|_At 31 May_|
||_2022_|_resources_|_resources_|_2023_|
||_£_|_£_|_£_|_£_|
|_Restricted Funds_|||||
|_Sales of Carrier bags - Wales_|_4,929_|_3,007_|_(7,936)_|_-_|
|_Sales of Carrier bags - Scotland_|_2,425_|_5,100_|_(7,525)_|_-_|
||_——————_|_——————_|_——————_|_——————_|
||_7,354_|_8,107_|_(15,461)_|_-_|
||_——————_|_——————_|_——————_|_——————_|
|_Unrestricted Funds_|_335,869_|_788,429_|_(613,538)_|_510,760_|
||_——————_|_——————_|_——————_|_——————_|
|_Total Funds_|_343,223_|_796,536_|_(628,999)_|_510,760_|
||_——————_|_——————_|_——————_|_——————_|
## **11. Going concern**
The financial statements have been prepared on a going concern basis as the Trustees have determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern.
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