Maria Cristina Foundation Annual Report and Financial Statements Year Ended 31 December 2023 Charity registration number.. 1140670
Maria Cristina Foundation Contents {continued) Trustees, Report 1to3 Refence and Adrninistrative Details Statement of Trustees, Responsibilth"es Independent Exarninerfs Report statèment of Financial Actiwties 6t07 Balance Sheet Note5 to the Fin8nrial Statements 9t016
Maria Cristina Foundation Trustees, Report rhe ttustees present the annual reporttogether with Ihe finanryal staternents of the charity forthe year ended 31 De¢ernber 2023. Objectives and activitie8 Objects andaims Our objects as set out in the constitub.on of the charty are to advance for the public benefit lil The pievention or relief of poverty or financial hardship anywhere in the worfd by funding thè provision Ito those in needl of education. training, healthcare project5 and all the necessary support designed to enable unemployed individuals to eam their own living. lill The education of both children afid adults at thè Dhaka. project, Bangladesh and at such other locations throughout the wortd as Trustees may at their discretion detem)ine, by funding the provision of courses, fa¢Ale$ and such other educatM)nal needs as the Trustees may sdenb"fy. Objeetives. strategies andactivitres We are advancin9 thè èdueaton of childrèn and adults in Bangladesh. by fvnding the prowsion of courses. faciltb.es and othÈr edu¢8b"on rteÉds 8$ the Trustees ttave identified. Public benefft The funding of education and training for young people in Banglaijesh, enabling them to earn their ovm liking as they progress into adulthood with the aim of preventing and relieving F4)vety in the area. The trustees ¢onfimi ihal tt)ey have complie4 th the quireMents Qf section 17 of the charities Act 2011 to have due regard to the public benefit guidance published by the Charity Comrnis5ion for England and Wales. Use of volunteers Volunteers have been Used in the forrn of wsitors to the projects in Bangladesh, as well as by connecting rernotsly to help stydents with additional devel¢pment Glasses. A¢hi*vemènts and perfomance In 2023. 22 children received education at a school or college of deTrnt qualty. The s¢hool$ are carefiJ15y scrutinised by the trustees in order that they provide a high enough qualrty level education PgraM to placè the thildren in situab.ons where they may compete for employment or further education. so r¢lo¢ated 30 students to Dubai for intemship orjob opportunities. Relocated 1 more single rnother family to Dubai for her 2 daughter8 to undertake 8 5tholaFship opportunty. 2023 also saw the 4th year of University in Pgrtugal for MCF5 B¥ngladesh students with 30 students now enrolled. 30 children's education (not induding universithesl was the objective, and although this figure wasn't reached. we achièved Much more in terrns of internships and job opportuntyes. securing the future of families. Fundraising was much improved on preoUS years. mainly due to mark6b.ng promotions, PR and speaking at prolific events. Pag¢ 1
Maria Cristina Foundation Trustees, Report (continued) Financial r8Vi8W Good fundraising actiwty in 2023 allowed education expenses to be fully covered, also, enabled us to maintain suffiaent fvnds in advan lor tt)e following years education exp¢ns¢s and Some new initiatives. Overall thèrè was a surplus of £11.030 12022.. deficit of £75.2181 this year, with totsl reserves of £137.86612022." £126.8361. Policy on reserves We aim to raise and hold enough funds to cover the followng #r 5¢h¢)ol fe¢ ¢o$ts Ibtro3use the school year start5 in January in Bangladeshl. We hold a designated fund for this specific purpose ¢r¢ated in th¢ prior year holding a years sthool fees in advance. At the year end the designated fund held £65,000. Prfnclpal fundlng sourc&s Individual donors or ¢orporale donors eilhef as general donations or indiwduaLs sp)nsoring e<lu¢alion for sperAfic children. Structure. governance and management Nre ofgoverning document The Maria Cristina Foundation is an unincorporated charity govemed by a Trust Deed dated 31 December 2010. Recltment and appointment oftrustees Trustees are identified specifically for their experien wth charty management an(Vor business management experience and qualifications. Trustses shall be appointed in writing by the Settlor and Maria Conceicao or the sutvivor of thern dyring their lifeb.mes and thèieafter by a resolub.on of tme Trustees. 51 for any reason trustees cannot be apFM)inted in this way, the 8tatutt)ry p)w¢rs of appointing new or aonal trustees shall be exerasable. Organi53tionsl structure The charity is small and rnanag8d by thè thrèe Iru$tees. Major risks and management of those risk5 FundraNSn9 None identified other than the possibility of continuing whilst not raising enough funds to cover all educab.on expenses, rf this Continues then the number of students supported Mll have to be reduced accordingly. Page 2
Maria Cristina Foundation Trustees, Report (continued) Reference and Administrative Details Trustees Maria Conceicao Saul Keens Sally 8ristow 1140670 Charlty Registration Number Principal Office The Laurels Conce Bugle St Austell Comwall PL26 8RT Independent Examiner Darren PÈrry ACA DChA Franas Clark LLP Lowin House Tregolls Road Truro Comwall TR1 2NA annual report was approved by trustees of the thaiity on .. . by.. signed on ts Sau Keens Trustee Poge 3
Maria Cristina Foundation Statement of Trustees, Responsibilities The trustees are ponSIble for preparing the trustees, report and the finanaal staternents in accordance with the Unrted Kingdorn Accounting Standards (United Kingdom Generally AcTrpted Accounting Practice) and applicable law and regulations. The law applicable to charities reqUIS the trustees to prepare finanaal statements for each finanual year which give a true and fsir view of the Stste of afPdirs of thè charity and of the incoming resources and application ol resources of the charity for that period. In preparing these financial st8ternents. thè trustees a required to.. select suitstle accounting Foliues and then apply thern consisténuy, observè thè mèthods and prinoples in the Charth"es SORP., make judgements and ests"mates that are reasonable and prudent., State whether apLeSb1• acrA)unting standards have been followed, subject to any material departUS disclosed and explained in the financial ststernent5', and prèparè the financial statsments on the going concem basis unless r( is inappropriate lo presume that the charity will continue in busines5. The trustees are responsible for keeping prOr accounting records that disclose wth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the finanaal statement5 cornply wrth the Charits"es Act 2011, the Charities (Accounts and Reports) Regulations 2008. and the provision5 of thè constitution. The trustees a also responsible for s8fegu8rding the assets of the charty and hence for taking re850nable steps for the pventIOn and detection of fr8ud and other irregularitses. roved by th tTh5tees l Keens Trustee Poge 4
Maria Cristina Foundation Independent Examinevs Report to the trustees of Maria Cristina Foundation I report to the trustees on rny examination of thè aettiunts of Maria Crisb"na Found*"on lor the year ended 31 De¢emb¢r 2023. Rèsponsibilities and basls of report As the charty trustees of Maria Cristina Foundation you are responsible for the preparab.on Of the awounts in accordancè with the requirements ol the Charities Act 2011 1.the Act'l. I rèry)rt in rèspèct of my examination ol the Maria Cristina Foundation's accounts carried out under section 145 of the 2011 Act and in oartwng out Thy exaThination I have followed all the applicatile Directions given by the Charity Cornmission under section 145(5llbl of the Act. Independent examine$ statemènt I have ¢omplet¢d my examination. I confirm that no material matters have come to my attention in nÈrtion wth the examinab.on 9ivlng me cause to believe that in ary material respect.. 1. aeLounb"ng records were not kept in respect of Maria Cristina Foundation as required by section 130 ofthe Act,. or 2. the accounts do not accord wth those recrdS." or 3. the acwunts do not comply wth the accounb.ng rUirements COnming the fomi and content of account5 sel out in the charib.es (Accounts and Reports) ReguL8tions 2008 other than any qulrement that the accounts give a Iwe and fair which is not a matter considered as part of an independent examination. I have no concems and have come atross no other matters in connection with the examination tr> whith attention shoul¢J be drawn in this report in order to enable a proper understsnding of the accoynts to be ¥¢hed. Darren Pery BAj&ionsj ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Comwall TR1 2NA Date.. 15 October 2024 Page S
Maria Cristina Foundation Statement of Financial Activities Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses> Unrestricted funds Total 2023 Note Income and Endowments from: Donations and legacies Investrnent incorn8 101.319 232 101.319 232 Total Income 101,551 101,551 Expenditure on: Raising funds Charitable actiVe$ 12161 190.494 12181 190.4941 Total Expenditure Net income 190.7101 190.7101 10,841 10.841 Other reco9ntGed gains and losses Other gainsllos5es on foreign exchange Not rnovement in fvnds 189 189 11.030 11,030 Reeonesliation of funds Total funds brought forward 126,836 126,836 Totsl funds carried forward 13 137.866 137,866 The note5 on page5 9 to 16 form an integr81 part of these finanaal statements. Page 6
Maria Cristina Foundation Statement of Financial Activities Year Ended 31 Dernber 2023 (continued) (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2022 Note Ineome and Endowments from: Donab"ons and l¢gaGi¢s Inv8stm8nt incom8 33,652 98 33,652 98 Total Income 33.750 33,750 Expenditure on: Raising knnds Charitable activ88 14461 1108.4031 14461 1108.403 Total Expendrture 108,849 108,849 Net expenditure Other reco9nised 9ains and losses Other gainsllosses on foreign exchange Net rnovement in funds 175.0991 (75.0991 119 (75,2181 (75,2181 Reconciliation of funds Totsl fvnds brought forward Totsl funds carried foMar¢J 202.054 202.054 13 126.836 126.836 l ofthe charty's activitie5 derNe from wntinuing ¢p¢ralons during the above tsyo periods. The notes en pages 9 te 16 fern an integral part of these finanaal statements. Pap7
Maria Cristina Foundation Balan Sheet 31 December 2023 2023 2022 Note Current assets Debtors Cash at bank and in hand 10 11 2.801 176.628 4.929 126.824 179,429 131,753 Creditors.. Amounts fallin9 due within one year Net assets 12 141.5631 14.9171 137,866 126,836 Funds ofthe charity: Unrestricted income funds Unrestricted fvnd5 137.866 126.836 Total funds 13 137,866 126.836 nci Is I ststernents on pages 6 to 16 were approved by the trustees, and authorised for issue on nd sig edon èir bèhalf by.. Sau Keens Trustee The note$ on page$ 9 to 1¢ fom an integral port¢fthese finon¢ial $tstements. Page 8
Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2023 1 Accounting policies Statement of compliance The financial 5tstements have been prepared in 8rdance with Accounting and Reporting ty chare$.. Statement of Recommended Practice applicable to charities pparillg their accounts in acwrdance with the Financial Reporbng St8ndard applir3ble in the UK and Republir of Ireland IFRS 1021 (effective 1 January 20191 (Charities SORP IFRS 10211. the Financial Reporting Standard apIcable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Maria Cristina Found8tion meets thè dÈfinition of a public bèftÈfit Èntty under FRS 102. Thè aceounts lfinanriaS ststementsl have been prepared under the historical cost mnventson with itern5 recognised at cost or transaction value unless otherwse stateLI in the relevant notelsl to these accounts. Going concem The trustses consider that there are no materi81 Uncertainti about the charitys abilty to eonb.nuè as a going nTrrn. In¢ome and endowments Voluntsry income including donations. gifts, legacies and grants that provide core funding or are of general nature is recognised when the charity has entiuement to the income. it is probable that the income will be recewed and the amount can be measured with sufficient reliabilty. Donations and l*gaci•s Donations and legacies are recognised on a receivable basis when reIpt is prob8ble and thè amount can be reliably measured. Investment income Investrnent income consists of bank interest received an¢J is regnIsed when the charity has entivement to the interest. Expenditure AJI èxpènditurè is r6eognised once there Is a legal or constructive obligation to that expendthre. f£ is probable settlement is required and the amount can be measured reliably. Al costs are allo¢8ted to the applieable eXnd]1rè heading that aggregafr similar costs to that catsgory. Educational fees expenditure is stated net ol any donations made by third parties direcdy to the school in B8ngladesh. Suth direct donation5 redu(x the fees payab5e by the charity. Raising funds These are costs incurred in atracting voluntary income and those inCUrd in trading activities that raise funds. Page g
Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2023 (continued) Charitable activitiès Charitable eXndItUre compri*s those costs incurred by the charty in the delivery of ts a¢V¢s and seM¢es for its benefi¢iaries. It indudes Ix)th ¢osts that ¢an be allocated diredy to such aCtiVe$ and those costs of an indirect n8bJTe necessary to support them. Taxation The charity is considered to pass the tests set out in Paragraph 1 Sthedule É of the Finan Act 2010 and therefore it rneets the definition of a charity for UK corporation tsx purposes. Accordingw, the charty is potonts.ally exempt from taxation in respect of income or capitsl galn5 retsived within categories covered by Chapter 3 Part 11 01 the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains kt 1992, to th¢ extent that such incom¢ or gains are applied exdusivety to charrtable purposes. Trade ereditors Trade creditors are obligations to pay for goods or servi¢es that have been acquired in the ordinary course of business from suppliers. They are recognised on an accruals basis and are ¢lassthed as Current liabil¥$. Foreign exchange Tran$8etions in forèign currències are recorded at the rate of exchange at the date ol the transaction. Monetsry assets and liabilthes denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that dat8. Fund structure Unrestricted income fvnds are general funds that are avaibble for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unresthcted fvnds set aside for SpeCtC purp05e5 at the discretion of the trustees. Page 10
Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2023 (continued) 2 Income from rlonatlons and legaeios Unrestricted funds Designated Total funds Donations and legacies", Donations from indiwduals 101.319 101,319 101.319 Total for 2023 101.319 Total for 2022 33,652 33.652 3 Investment income Unrestrictsd funds General Total funds Interest receNatle and sirnilar income., Intsrest receNable on bank cjeposits Total for 2023 232 232 232 Total for 2022 98 4 Expendlture on raising funds al Costs of generating donations and leya¢ies Tolal costs Direct costs Costs of generating donations and legaries Totsl for 2023 216 216 216 216 Total for 2022 Page11
Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2023 (continued) 5 Expenditure on charitable aCtivIe$ Acttvlty support costs Total expendlture Payment of eduG3tional fees for students Payrnent of accomrnod8tion expenses Student travel expenses Insurance Accountancy and Irtdepgndgnt Exsminab"on fees Bank charges Computer soffftre and maintenance Bad debts AdvertisinglMarf(eting 12,181 12.188 51.263 411 2,442 592 15761 3.168 8.825 12,181 12.188 51.263 411 2,442 592 15761 3,168 8.825 Totsl for 2023 90,494 90,494 Totsl for 2022 108.403 108.403 6 Net in¢oTningloutgtsing r¢sour¢es Nèt illeominglloutgoingl resources lor the year indude.. 2023 2022 Foreign currency gain8111¢)$8e81 189 7 Tru5tee5 remuneration and expenses No trustees. nor any persons nnected th them, have received any remuneration fr¢m the ¢harity during the year. No trustees have received any reirnbutsed expenses or any other benefits from the charity during the year. other than the reimbursement of expenses incurred on behalf of the charty as set out in the related party transaction note. 8 Indend•nt examlnerfs remuneration 2023 2022 Examination of the finanaal statements 2.442 2,115 Page 12
Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 Dernber 2023 (continued) 9 Taxation Thè tharity is a règistèrèd chartty and ts theTefore exempt from taxation. 10 Debto 2023 2022 Prepayments Other debtors 2,801 1,761 3,168 2,801 4,929 11 Cash and cash equivalents 2023 2022 Cash at bank 176.628 126.824 12 Creditors: amounts falling due within one year 2023 2022 Trade creditors Other credvcors ruols 32.811 6.290 2.462 2,041 576 2.3QJ 4.917 41,563 Page 13
ZS (bt
Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2023 (continued) 14 Analysis of net assats between funds Unrestricted funds Totsl funds at31 December 2023 Designated funds General Current as5els Current liabilities 114,429 41,5631 65,OLIO 179,429 141,5631 Total nel assets 72,866 65,000 137,866 Total funds at31 December 2022 Unrestricted funds General Designated Current assets Current liabilrties 66,753 4,9171 65,000 131.753 14,9171 126,836 Total net assets 61,838 65.000 15 Relatsd party transactions During the year the charity made the following related paty transactions.. Saul Keens (Trusteel During the year the trustee was reimbursed expenses in relation to student travel and printing costs ineurred on behalf of the charity of £20,101 12022". £5761. At the balan sheet date the amount due to Saul Keens was £6,29012022 - £5761. Maria Conceicao During the year the trustee was reimbursed expenses incurred on behakf of the charity of £Nil 12022: £12,626). At the balan sheet date the amount due tomrom Maria Conceicao was £Nil {2022 - £Nill. P8g816