Charity registration number 1160628 FRENCH SCHOLARSHIP FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 FRENCH SCHOLARSHIP FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Amélie Mallet Gael Panhelleux Isabelle Lamy Ghislain Bouriez Tatiana Pogossian (Appointed 15 May 2024) Charity number 1160628 Principal address 192 Walm Lane London NW12 3BP Independent examiner KLSA LLP Kalamu House 11 Coldbath Square London EC1R 5HL FRENCH SCHOLARSHIP FOUNDATION CONTENTS Page Trustees report Independent examinerfs report Statement of finaneAal actFVities Balance sheet Notes lo the financial statements 6-10 FRENCH SCHOLARSHIP FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2024 The trustees present their annual report and financial statements for the year ended 31 July 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practi￿, "Accounting and Reporting by Charities". issued in March 2005. Objectives and activities The object of Ihe foundation is to advance the education & promote the continued attendance of any child registered or applying to register with the College Francais Bilingue De Londres Ltd (CFBL) or with the Lycee International De Londres Winston Churchill (LIL) through relief of financial hardship of the parents or guardians of such child in such ways as the charity trustee think fil, including by payment from Ihe CIO'S fund and tts income towards- A. All nr pgrt of the sthool fees of such child B. Towards the field Irip, school lunch and books C. Any other goods or services used by such rjjild in attending sthool. The French Scholarship Foundation {FSF) is a registered charity in 2015 whose object is to provide financial support for school fees to families facing temporary financial hardship. Public Benefit The trustees have given due consideration to Charity Commission's published guidan￿ on the Public Benefit requirement Ltnder the Charity AGt 2011). The trustees have paid due regard to guidance issued by the Charity Commission in deuding what activities the Charity should undertake. Achlevements and performance The charity received donations amounting to £120.860 (2023= £189,937) during the period. These funds come from individuals and from other charities. The trustees have been seeking ways of fundraising and approaching companies with a view to promote the charity and raise funds. FSF have continued to work with the Charity Friends of the Ly￿e (FOL) to support families who transferred from CFBL lo LIL Winston Churchill, allowing families to cary on their education in the French system despite the school fees discrepancy. FSF awarded 11 grants, 6 for LIL families and 5 for CFBL families. FSF is working along with both schools, CFBL and LIL Imnston Churchill and their respective Parents associations fAPC° and "APLIL.). FSF is promoted on both school wcbsÈtcs. Each request is dealt with thoroughly, fairly. impartially and with sensitiwty a￿ayS using objective uiteria and GDPR compliantly. Financial review The lolal income for the year ended 31 July 2024 amounted to £120,860 (2023-. £189.937). The lotal expenditure of £75,536 <2023.. £151.918) was incurred. The surplus of income versus expenditure for the year was £45.324 (2023: £38,019). The cash position increased to £264,275 (2023.. £218,951) due to incoming reSoUr￿S exceeding the resources expended. FRENCH SCHOLARSHIP FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 It Is the policy of the Charity Ihat uniestricled fvnds which have not been designated for a specific use should be malnlalned at a level equivalent to bebveen Ihree and six Tnonth's expgndilure. Th¢ Trustees considèr re$erv89 al this level will ensure that. in the event of a signtficant drop in fjjnding, they will be able to ¢onlinue the Charity's currenl aclivities while consideration Is given to ways in whlch additional fund5 may be raised. Thls level of reserves ha8 been maintained throughout the year. The trustees have reviewed the reseNes poltGy. The trustee¥ are of the opinion that th& reserves should be at a level which can enable the charity to fvncllon for a minlmum perlod ol slx months In the absence of any Incoming resources. Rl8k managemont The Trustees have agsessed the Tnalor rfsks to vthlch the Charity Is exwsed. and are satisfied that systems are in plaGo to niltlgate exposure to the major ri¥ks. struclure, govèmance and managomont The Charity 18 a Charitable Incorporated Organlsatlon (CIO) govemed according to the Constilulion dated 25 February 2015. The trustees who seNed durlng the year and up to the date of signalure ofth? financ4al statemenls were.. Amé118 Mallet Gael Panhelleux Issbelle Lamy Ghislaln Bourlez Tgtigna Pooossian Danielle Raymond (Appointed 15 May 2024) {Rgsign8d 11 August 2024) The recruitment and appointrnent of new trustees Is by re￿mmendatiOn of the exi8ting trustees. The trustees report was approved by the Board of Trustees. ain Bouriez Tru6teo 20 May 2025 FRENCH SCHOLARSHIP FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRENCH SCHOLARSHIP FOUNDATION I report to the trustees on my examination of the financial statements of French Scholarship Foundation (the Charity) for the year ended 31 July 2024. which are set out on pages 4 to 10. Responsibilities and basis of report As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Chartly Commissiorb under section 145(5){b) of the 2011 Act. Basis of Independent examinerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a rewew of the accounting records kept by the Gharily and a Gompari50n of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audil and consequently no opinion is given as to whether the accounts present a 'true and fair view and the report is limited to those matters set out in Ihe next slalemenl. Independent examIne￿S statement I have completed my examination. I confirm thal no matters have come to my attenlion in connection with the examination giving me cause to believe that in any malerial respect: accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Acl., or the financial slatemenls do not accord with those records; or the financial stalements do not comply with the applicable requiremenls concerning the form and content of accounts sel 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 auoss no other matters in conneclion wilh the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Jaimin Shah FCCA KLSA LLP Chartered Accountants Kalamu House 11 Coldbath Square London EC1R 5HL Dated: 20 May 2025 FRENCH SCHOLARSHIP FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from: Donations and legacies 120,860 189,937 Total income 120,860 189,937 Expenditure on: Charitable activities Other expenditure 75,476 60 151,858 60 Total expenditure 75,536 151,918 Net income and movement in funds 45,324 38,019 Reconciliation of funds: Fund balances at 1 August 2023 218,951 180,932 Fund balances at 31 July 2024 264,275 218,951 The statement of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. FRENCH SCHOLARSHIP FOUNDATION BALANCE SHEET ASAT31 JULY2024 2024 2023 Notss current a38ets Cash at bank and in hand 265,355 220,871 GTedltor3: amounts falllng dug within one year 11 (1.080) (1.920) Nèt current assots 264.275 218.951 Tha funds of the Charlty Unre81riGted funds 284.275 218,951 264.275 218,951 The financial statements were approved by Ihe trustees on 20 May 2025 In ouriez Trustee FRENCH SCHOLARSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 Accounting policies Charity information French Scholarship Foundation is a Charitable Incorporated Organisalion (CIO) registered in England and Wales. The principle address is 192 Walm Lane.London.NVW2 3BP. 1.1 AGGOUnting conventio The financial statements have been prepared in acLordance with the Charitrfs trust deed. the Charities Act 2011 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for Gharities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Chartlies (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a Irue and fair view. This departure has involved following Ihe Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul which has since been withdrawn. The financial statements are prepared in sterling. which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial ststements. the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Irustees continue to adopt the going conrKrn basis of acwunting in preparing the financial stalements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the tnjstees in furtherance of their Charilable objectives. Unrestricted funds can be used in accordan￿ with the charitable objectives at the discretion of the truslees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by Ihe donor or when the funds raised for particular restricted purposes. 1A Income Income is recognised when the Charity is legally entitled to it afler any performance conditions have been mel, the amounts can be measured reliably, and it is probable Ihat income will be received. Cash donations are recognised on receipt. Olher donations are recognised On￿ the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. FRENCH SCHOLARSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third parly, it is probable that a transfer of economic benefits will be required in selllemenl. and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs allributable to a single activity are allocated directly to thal aclivily. Shared costs which contribute to more than one activity and support cosls which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is accounted on an accrual basis and has been dassified under headings Ihal aggregate all costs related to the category. ￿ere costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consislenl with the use of the resources. 1.6 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaclion price including transaction costs and are subsequently carried at amortised cost using ihe effective interest method unless Ihe arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Basic flnanclal liabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of Ihe future payments discounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequenlly Ixrried at amortised cost, using the effective inlerest rate method. Trade creditors are obligations lo pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabililies. Trade creditors are recognised initially at transaction pri￿ and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.7 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's ServI￿S are received. Temination benefits are recognised immediately as an expense when the Charty is demonstrably committed to terminate the employment of an employee or lo provide lerminalion benefits. FRENCH SCHOLARSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Critical accounting estimates and judgements In the application of the Charitls accounting policFes. the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Adual resulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revtsion and future periods where Ihe revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 120,860 189,937 Expenditure on charltable actlvities Scholarship Scholarship 2024 2023 Direct costs Grant funding of activities (see note 5) 74.336 150,838 Share of support and governance costs (see note 6) Governance 1,140 1,020 75,478 151,858 Analysis by fund Unrestricted funds 75.476 151,858 Grants payable 2024 2023 Granls to individuals 74,336 150,838 74.336 150,838 Commitments Tho total grant8 committed in the year was £74.336 (2023: £150,838) of which grants amounting to £74,336 (2023- £150,838) was paid in the year. FRENCH SCHOLARSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Support costs allocated to activities 2024 2023 G0Veman￿ costs 1,140 1,020 Analysed between: Scholarship 1.140 1,020 Trustees None of the ttustees (or any persons GonneGted with them) re￿iVed any remuneration during the year. None of them received any reimbursements for expenses. Employeos The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Other expenditure Unrestricted Unrestrictsd funds funds 2024 2023 Financing costs 60 60 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 11 Credltorts: amounts falling due within one year 2024 2023 Accruals and deferred income 1.080 1,920 FRENCH SCHOLARSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 12 Unrestricted funds The unrestricted funds of the charrty comprise the unexperTded balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have beep. set aside out of unrestricted funds by the trustees for specific purposes. At 1 August 2023 Incoming resources Resources expended At 31 July 2024 General funds 218.951 120,860 (75,536) 264,275 Previous year: At 1 August 2022 Incoming resources Resources expended At 31 July 2023 General fijnds 180,932 189.937 (151,918) 218,951 13 Related party transactions There were no disclosable related party transactions during the year (2023- none). 10-