Maria Cristina Foundation Annual Report and Financial Statements Year Ended 31 December 2024 Charity registration number.. 1140670 Maria Cristina Foundation Contents (continued) Trustees, Report 1 to3 Referen￿ and Administrative Detsils Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities 6t07 Balance Sheet Notes to the Financial Statements 910 16 Maria Cristina Foundation Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. Objectives and activities Objects and aims Our objects as set out in the constitution of the charity are lo advan￿ for the public benefit.. lil The prevention or relief of poverty or financial hardship anywhere in the worfd by funding the provision Ilo those in needl of education, training, healthcare projects and all the necessary support designed to enable unemployed individuals to earn their own living. lill The education of both children and adults at the Dhaka project, Bangladesh and at such other locations throughout the worfd as Trustees may al their discretion determine, by funding the provision of courses, facilities and such other educational needs as the Trustees may identify. Objectives. strategies and activities We are advancing the education of chIld￿n and adults in Bangladesh, by funding the provision of courses, facilities and other education needs as the Trustees have identified. Public benefit The funding of education and training for young people in Bangladesh, enabling them to eam their own living as they progress into adulthood with the aim of preventing and relieving poverty in the area. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Use of volunteers Volunteers have been used in the fom) of visitors to the projects in Bangladesh, as well as by connecting remotely to help students with additional development classes. Achievements and performance In 2024 Bangladesh fa￿d considerable disorder including the overthrowing of the govemment. This caused a lot of disruption for students and schools. We decided lo focus on relocating students lo Dubai for internships and enhanced English leaching which was found as a weakness. We currently have 180 plus students in Dubai most of them either working permanent jobs or on internships. 2 students obtained full university scholarships in Dubai. 2024 also saw 7 students graduate University in Portugal and 1 obtained a place with part scholarship, at University in the UK. Pag8 1 Maria Cristina Foundation Trustees, Report (continued) We didn't achieve our key education objectives 130 students plus new additions) partly due lo geopolitical issues in Bangladesh, however we did carry out a field survey for a remote village school. Also we achieved much more in terms of internships and job opportunities, securing the future of families. Whilst didn't reach our fundraising target of GBP100k, we still raised a reasonable amount at GBP75k. Financial review Despite not reaching fundraising objectives, funds raised were still reasonable enough to maintain sufficient funds in advance for the following year education expenses and some new initiatives. Overall this year there was a deficit of £46.11512023'. surplus £11,030), with total reserves of £91,751 12023.. £137,866). Policy on reserves Our goal is lo maintain sufficient funds lo cover the following year's school fee commitments. To achieve this, we hold a designated reserve fund equivalent lo one yearfs school fees in advance. At year-end, this fund held £30,000. Current school fees are £17,000, which will influence future funding benchmarks. The reduction in fees and adjusted reserves explains why the fund now holds £30,000 instead of the previous £65,000. Principal funding sources Individual donors or corporate donors either as general donations or individuals sponsoring education for specific children. Structure> governance and management Nature of governing document The Maria Crislina Foundats'on is an unincorporated charity governed by a Trust Deed dated 31 De￿mber 2010. Recruitment and appointmgnt of trustees Trustees are identified specifically for their experience wth charity management andlor business management experience and qualifications. Trustees shall be appointed in writing by the Settlor and Maria con￿lCa0 or the survivor of them during their lifetimes and thereafter by a resolution of the Trustees. If for any reason Iruslees cannot be appointed in this way, the statutory powers of appointing new or additional trustees shall be exercisable. Organlsatlonal structure The charity is small and managed by the three trustees. Major risks and management of those risks Fundraising None identified other than the possibility of continuing whilst not raising enough funds lo cover all education expenses, if this wntinues then the number of students supported will have lo be reduced accordingly. Pag8 2 Maria Cristina Foundation Trustees, Report (continued) Reference and Administrative Details Trustees Maria Conceicao Saul Keens Sally Bristow 1140670 Charity Registration Number Principal Office The Laurels Conce Bugle st Auslell Comwall PL26 8RT Independent Examiner Darren Perry ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Comwall TR12NA he annual report was approved by the trustees of the charity on .2211012025.. and signed on its half by.. ee Trustee Pag8 3 Maria Cristina Foundation Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo charities requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the ¢harily and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., stale whether applicable accoLJnting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Iruslees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. pproved by the truste s of the charity on .22110.2025....... and signed on its behalf by.. Saul Keens Trustee Pag8 4 Maria Cristina Foundation Independent Examinerfs Report to the trustees of Maria Cristina Foundation I report lo the trustees on my examination of the accounts of Maria Cristina Foundation for the year ended 31 December 2024. Responsibilities and basis of report As the charity Iruslees of Maria Cristina Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl')- I report in respect of my examination of the Maria Cristina Foundation'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 secb'on 145151{bl of the Act. 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 giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of Maria Cristina Foundation as required by section 130 of the Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements conceming the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view which is not a matter considered as part of an independent examination. I have no cOn￿rn$ and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Darren Perry BAjHonsj ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA Date.. 28 October 2025 Pag8 5 Maria Cristina Foundation Statement of Financial Activities Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Notg Income and Endowments from: Donations and legacies Investment income 74,563 365 74,563 365 Total Income 74,928 74,928 Expenditure on: Raising funds Charitable activities 13311 1120,574 13311 120,574 Total Expenditure 120,905 120,905 Net expenditure Other recognised gains and losses Other gainsllosses on foreign exchange 145,9771 145,9771 1138 1138 Net movement in funds 146,1151 146.1151 Reconciliation of funds Total funds brought forward 137,866 137,866 Total funds carried forward 91,751 91,751 The notes on pages 9 to 16 forrn an integral part of these financial statements. Pag8 6 Maria Cristina Foundation Statement of Financial Activities Year Ended 31 December 2024 (continued) (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 Investment income 101,319 232 101,319 232 Total Income 101,551 101,551 Expenditure on: Raising funds Charitable activities 12161 90,494 12161 90,494 Total Expenditure 90,710 90,710 Net income 10,841 10,841 Other recognised gains and losses Other gainsllosses on foreign exchange 189 189 Net movement in funds 11,030 11,030 Reconciliation of funds Total funds brought forward Total funds carried forward 126,836 126,836 137,866 137,866 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 9 to 16 forrn an integral part of these financial statements. Pag8 7 Maria Cristina Foundation Balance Sheet 31 December 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 2,887 164,124 2,801 176,628 167,011 179,429 Craditors: Amounts falling due within ong ygar 12 75,260 41,563 Net assets 91,751 137,866 Funds ofthe charity: Unrestrlcted Income funds Unrestricted funds 91,751 137,866 Total funds 13 91,751 137,866 he financial statements on pages 6 to 16 were approved by the Iruslees, and authorised for issue on .2211012025...... and gned on their behalf by.. Sa l Keens Trustee The notes on pages 9 to 16 forrn an integral part of these financial statements. Pag8 8 Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2024 1 Accounting policies Statement of compliance The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities- Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Maria Crislina Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial stalemenls} have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise staled in the relevant notelsl lo these accounts. Going concern The trustees consider that there are no material uncertainties about the charity's ability lo continue as a going concern. Rgclassification of comparativg amounts A reslatemenl has been made lo the comparative split of creditors to correct the classification of amounts owed lo a trustee, as also disclosed and restated in note 15. The balances have been reallocated from Trade Creditors lo Other Creditors. The restalemenl has been made to ensure accurate presentation of creditor categories and disclosure of related party transactions in accordance with applicable accounting standards. The restalemenl has no impact on the reported net assets or surplus for the prior year. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has enlillemenl lo the income, il is probable that the income will be re￿iVed and the amount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Investment In¢ome Investment income consists of bank interest received and is recognised when the charity has entitlement to the interest. Pag8 9 Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2024 (continued) Expenditure All expenditure is recognised On￿ there is a legal or conslruclive obligation to that expenditure, il is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Educational fees expenditure is staled nel of any donations made by third parties diredy to the school in Bangladesh. Such direct donations redu￿ the fees payable by the charity. Raising fiinds These are costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Taxation The charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charity for UK corporation lax purposes. Accordingly, the charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purposes. Tradg Creditors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. They are recognised on an accruals basis and are classified as current liabilities. Foreign exchange Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing al that date. Fund structure Unrestricted income funds are general funds that are available for use al the Iruslees discretion in furtherance of the objectives of the charity. Designated funds are unreslricled funds set aside for specific purposes at the discretion of the trustees. Page 10 Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2024 (continued) 2 Income from donations and legacies Unrestricted funds De$ignat9d Total funds Donations and legacies- Donations from individuals 74,563 74,563 Total for 2024 74,563 74,563 Total for 2023 101,319 101,319 3 Investment income Unrestricted funds General Total funds Interest receivable and similar income., Interest receivable on bank deposits 365 365 Total for 2024 365 365 Total for 2023 232 232 4 Expenditure on raising funds a) Costs of generating donations and legacies Total costs Dlrect costs Costs of generating donations and legacies 331 331 Total for 2024 331 331 Total for 2023 216 216 Page11 Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2024 (continued) 5 Expenditure on charitable activities Unrestricted funds Designated General Total funds Payment of educational fees for students Sludenl travel expenses Sludenl onl and living expenses Accountancy and Independent Examination fees Legal Fees Bank charges Advertising 16,939 16,939 78,626 7,959 2,780 2,506 247 11,517 78,626 7,959 2,780 2,506 247 11,517 Total for 2024 16,939 103,635 120,574 Total for 2023 12,181 78,313 90,494 6 Net incomingloutgoing rgsour¢g$ Net loutgoingifincoming resources for the year include.. 2024 2023 Foreign currency gainslllossesl 138 189 7 Trustees rgmuneration and expenses No trustees, nor any persons Connected with them, have received any remuneration from the charity during the year. No Iruslees have received any reimbursed expenses or any other benefits from the charity dLJring the year, other than the reimbursement of expenses incurred on behalf of the charity as set out in the related paty transaction note. 8 Independent examinerfs remuneration 2024 2023 Examination of the financial statements 2,780 2,442 Page 12 Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2024 (continued) 9 Taxation The charity is a registered charity and is therefore exempt from taxation. 10 Debtors 2024 2023 Prepayments 2,887 2,801 11 Cash and cash equivalents 2024 2023 Cash at bank 164,124 176,628 12 Creditors: amounts falling due within one year 2023 2024 £ {As restated) 6,632 65,906 2,722 Trade creditors Other creditors Accruals 39,101 2,462 75,260 41,563 Page 13 ¢0 E C¥ ¢0 E C4 7J V¢441 Maria Cristina Foundation Notes to the Financial Statements Year Ended 31 December 2024 (continued) 14 Analysis of net assets between funds Total funds at31 December 2024 Unrestricted funds General Designated Current assets Current liabilities 137,011 175,2601 61,751 30,000 167,011 175,2601 91,751 Total nel assets 30,000 Total funds at31 December 2023 Unrestricted funds General Designated Current assets Current liabilities 114,429 141,5631 72,866 65,000 179,429 141,5631 137,866 Total nel assets 65,000 15 Related party transactions During the year the charity made the following related party transactions.. Saul Keens (Trusleel During the year the trustee incurred expenses in relation to student travel and student accommodation costs on behalf of the charity of £108,559 12023: £41,1541- The amount due at the end of the prior year has been restated, as per note 1. At the balan￿ sheet dale the amount due to Saul Keens was £65,90612023 - £39,101 }. Page 16