Registered Number 09241099
THE MAIDEN FACTOR FOUNDATION DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| The Maiden Factor Foundation | ||
|---|---|---|
| Directors' Report and Unaudited Financial Statements | ||
| For the Year ended 30 September2024 | ||
| Contents | Page | |
| Company Information | 1 | |
| Trustees Annual Report | 2 | |
| Independent Examiner's Report | 7 | |
| Statement of Financial Activities | 8 | |
| Summary Income and Expendiure Account | 9 | |
| Balance Sheet | 10 | |
| Notes to the Financial Statements | 11 | |
| The following Pages do not form part of the statutory accounts | ||
| Detailed Income and Expenditure Account | 17 |
1
The Maiden Factor Foundation Trustees' Annual Report
Reference and Administrative Details
Charily Registration: 1160746 Company Registration: 09241095
Registered Office
Enterprise House Ocean Village Southampton SO14 3XB
Trustees
The Trustees of the charitable company for the purposes of charity law. Trustees served during the year 2023/2024:
T Edwards L Muddit A Roberts
Accountants M L Cowan & Co 17 Talla Street, Edinburgh EH16 6FL
2
The Malden Factor Foundation Trustees' Annual Report
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006 present their report with the unaudited financial statements of the charity for the year ending 30 September 2024.
The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in (effective 1 January 2015)
Objectives and Activities Objectives and Aims
Maiden is a Global Ambassador for the Empowerment of Girls through Education facilitating the charity's objects ('Objects');
to work with communities in developing countries to facilitate the education of girls aged 5 to 18 years old
to work with communities in developed countries to inspire and encourage girls to remain education throughout their teenage years
to inspire girls to reach their full potential with a focus on encouraging girls into STEM subjects to facilitate increased life and career choices
to engage with schools ,Yacht Clubs and communities to facilitate raising funds for girls education in urban and rural communities
to create and leave legacies at each global destination visited by Maiden on her world tour
to facilitate mentoring and role models for girls to inspire and empower them to reach their full potential.
3
Significant Activities
The charity is rin by the Trustees and does not have any employees.The Maiden Factor and Maiden World Tour ( both not for profit companies) raise funds for The Maiden Factor Foundation primarily through thev use of its asset,the yacht "Maiden".
We are a fundraising and grant-making charity and donate to charities arounf the world who meet our purposes and have the following criteria:
Projects that enable girls to overcome barriers and gain access to education Girl-centered ,community -led approach
Evidence -based practice and committed to on-going research Solution-focussed and sustainable
Champion equal opportunities,human rights and social change Empower and inspire girls and women
Partner/schools which provide a relevent curriculum avoiding gender stereotyping Projects that can be monitored and provide evidence of how the donations have been spent
A commitment not to cause further harm Values- based approached.
Maiden has now sailed over 90,000 nautical miles encircling the planet three times, including racing in the OGR and becoming the first all-female crew to win an around the world race, and has visited hundreds of destinations in over 40 countries.Fundraising continued at each destination and online via our charity shop and donations page.
Each leg of the OGR highlighted a different hurdle faced by girls when trying to access education and donors sponsored each mile raced by Maiden.Donations were then chosen from applications which showed that they are activley addressing those hurdles and by overcoming them are facilitating girls into education. Three Apprentices who have been though the Maiden programme were part of the racing crew and all have benefitted directly from their participation in the OGR on Maiden.
Research is ongoing to engage with charities,in the UK and around the world, focusing on STEM subjects for girls in line with our new strategy. All agreed on their charitable initiatives coming under one strapline "Empower a girl - change the world"
50% of all funds raised are used for " Maiden Outreach Days". Maiden Days host girls on Maiden for a full day of STEM and sailing activities.We fund their transport, and all meals are provided at no cost.These days are available to girls whose schools or organisations do not have the resources to allow the girls to attend. These funds are also used to facilitate the 102 apprentices that Maiden has trained over the course of the tour and race. 50% is retained by TMFF as a development fund for girls educational and STEM based charities in developing countries. Apprentices are awarded Bursaries to sail on Maiden,to receive mentoring and instruction from the Maiden Skipper and Crew and to gain qualifications which enable them into work.
4
Public Benefit
The Trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regardto the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and Performance
During the financial year to 30 September,and beyond the year end date of this report, we have achieved or are currently working on:
Ongoing fundraising and development of online application process and distribution methods of funds to international charities
Distribution of funds for charitable donations,grants,Maiden days,Outreach and Apprentice provision
Agreement of charity objectives, development of due-diligence and due process to facilitate all applications online and via Maiden's engagements at each destination.
Charities who have received donations in this financial year;
Brilliant Feminine
Educate not Mutilate
Akwaabe Volunteers Girl Move
Humanitas Pipal Tree
Bursaries awarded £24,631.01 Maiden Outreach Days £20,973.42
5
Structure,Governance and Management Document
The charity is controlled by its governing document,a memorandum of association for a charitable company,and constitutes a limited company,limited by guarantee, as defined by the Companies Act 2006.
Related Parties
The Chaity has no related parties,other than as disclosed in Note 14 of the accounts.
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in placeto provide reasonable assurance aginst fraud and error.
We have a risk based approach ,have created a risk register and have carried out due diligence with beneficiaries and will do with future donors to mange any risks.
We have created our own policy documents including :
Grants Policy
Conflict of Interest Policy Data Protection and GDPR Policy Trustee Code of Conduct Policy Due Diligence Policy Equal Opportunities Policy
6
Statement of Trustees 'Resposibilities
The Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted which
Company law requires Trustees to prepare financial statements which give a true and fair view of the state of affairs of the charitable company and of the income resources and application of resources,includingthe income and expenditure,for the charitable companyfor the period. in preparing the 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 judgements and accounting 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 a going concern basis unless it is inappropriate to presume that the company will continue in business.
Statement of disclosure of information to the independent examiner
So far as the Trustees are aware, there is no relevant information of which the company's Independent examiner is unaware, and each trustee has taken all the steps that she ought to have taken as a trustee in order to make herself aware of any relevent information and to establish that the company's independent examiner is aware of that information.
Small Compay Rules
The report has been prepared in acordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 201)
Signed on behalf of the Board
…...........................................
Tracy Edwards
Dated
7
The Maiden Factor Foundation Company No. 09241099
Independent Examiner's Report to the trustees of the Maiden Factor Foundation
I report to the charity trustees on my examination of the accounts of the Maiden Factor Foundation for the year ended 30 September 2024 which comprises of the Statement of Financial Axtivities,the Summary of Income and Expenditure Account ,the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees(and also its directors for the purposes of company law),you are responsible for the preparation of the accounts in accordance with the requirementsof the Companies Act 2005 (the 2006 Act)
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination,I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011(the 2011 Act). In carrying out my examination I have to follow the Directions given by the Charity Commission under Section 145(5)(b)of the 2011 Act.
Independent Examiners Statement
I have completed my examination.I confirm that no material matters have come to my attention in connection with the examination 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 a part iof 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 a proper understanding of the accounts to be reached.
Signed: …...................................
Date: .............................
Malcolm L Cowan M L Cowan & Co 17 Talla Street
Edinburgh EH16 6FL
8
The Maiden Factor Foundation Statement of Financial Activities
For The Year Ended 30 September 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total |
Total | |||
| Funds | Funds | Funds | Funds |
Funds | |||
| £ | £ | £ | £ | £ | |||
| Income and endownments | |||||||
| from: | |||||||
| Donations and legacies | 42,970 | 42,970 | 843 | ||||
| Charitable activities | 638 | ||||||
| Investments | 127 | 127 | 94 | ||||
| ________________ | |||||||
| Total | 43,097 | 43,097 | 1,575 | ||||
| Expenditure on: | |||||||
| Raising funds | - | 188,246 | |||||
| Charitable Costs | 61,696 | 61,696 | 67,554 | ||||
| Other Costs | 6,187 | 6,187 | 6,913 | ||||
| Governance costs | 1,850 | 1,850 | 2,419 | ||||
| ________________ | |||||||
| - | 69,733 |
- | 69,733 |
-265,132 | |||
| ________________ | |||||||
| Net income | - | 26,636 |
- | 26,636 |
-263,557 | ||
| Transfer between funds | - | - | - | ||||
| Net movement in funds | - | 26,636 |
- | 26,636 |
-263,557 | ||
| Reconciiation of funds | |||||||
| Total funds brought forward | 78,262 | 78,262 | 341,819 | ||||
| ________________ | |||||||
| SURPLUS FOR THE FINANCIAL YEAR | 51,626 | 51,626 | 78,262 | ||||
| ________________ |
9
The Maiden Factor Foundation Summary Income and Expenditure For The Year Ended 30 September 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Income | 42,970 | 1,481 | ||
| Other Interest receiable | 127 | 94 | ||
| _______ | _____ | |||
| Total Income for the year | 43,097 | 1,575 | ||
| _______ | _____ | |||
| Expenditure | 69,733 | 265,132 | ||
| Total Expenditure for the year | 69,733 | 265,132 | ||
| _____ | ____ | |||
| Net Income/(expenditure) | 26,636 | - | 263,557 |
|
| _____ | _______ |
The notes on page 8 to 11 form part of these financial statements
10
The Maiden Factor Foundation
Balance Sheet
For The Year Ended 30 September 2024
| 2024 Notes £ Current Assets Debtors - Cash at Bank and in hand 109,524 __ 109,524 Creditors:Amounts falling due withi 57,898 - __ Net Current Assets (Liabilities) 51,626 Total Assets less Current Liabilies 51,626 NET ASSETS 51,626 RECONCILIATION OF FUNDS Unrestricted funds 51,626 Restricted funds Endowment funds TOTAL FUNDS 51,626 |
2023 £ 1,801 80,680 __ 82,481 4,219 - ___ 78,262 78,262 |
|---|---|
| 78,262 | |
| 78,262 | |
| 78,262 |
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complyingwith the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject subject to the small companies' regimes.
Approved by the board on 30 June 2024 and signed on its behalf by:
T Edwards - Trustee
The notes on pages 8 to 11 form part of these financial statements.
11
The Maiden Factor Foundation
1 General Information
The Maiden Factor Foundation is a private company,limited by guarantee, incorporated in England and Wales,registered number 09241095. The registered office is Enterprise House,Ocean Village,Southampton SO14 3XB.
2 Accounting policies
Basis of preparation
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - the Financial Reporting Standard applicable in the UK and Republic of Ireland(FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies(valuation rules and method of accounting) since last year and no changes have been made to accounts for the previous years.
Fund accounting
Unrestricted Funds are available to use at the discretion of the trustees in furtherance of the general objects of the charity.
There have been no Restricted Funds received by the charity during the financial year.
Income recognition
Income is included in the Statement of Financial Activities(SoFA) when the Charity becomes entitled to, and virtually certain to receive,the income and the amount of income can be measured with sufficient reliability.
Where income has related expenditure the income and related expenditure is reported gross in the SoFA.
Donations and legacies
Voluntary income received by way of grants,donations and gifts is included in the SoFA when receivable and only when the Charity has unconditional entitlement to that income.
Gift Aid and tax reclaims
Income from tax reclaims is included in the SoFA when receivable.
12
The Maiden Factor Foundation Notes to the Financial Statements cont. For The Year Ended 30 September 2024
Donated services and facilities
Donated services and facilities are only included in the income(with equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable,measureable and material.
Volunteer help
The value of any volunteer help is not included within the accounts.
Investment income
Investment income is includedin the acccounts when receivable.
Expenditure
All expenditure is recognisedin the accounts on an accruals basis. Expenditure includeds any Vat which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Raising funds
Costs of raising funds include costs associated with attracting voluntary income,management of investments and those incurred in trading activities that raise funds.
Charitable activities
Costs of charitable activities include costs that relate to,or are included in the course of, the Charity delivering the activities and services in the furtherance of its objectives, including the making of grants and governance costs.
Governance costs
Governance costs include costs attributable to the Charity's compliance with constitutional and statutory requirements of the Charity ,including any independent examination fees.
Other expenditure
Other expenditure relates to any other cost of administrative overhead that supports the general running of the Charity.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the tranaction. Exchange differences are taken into account in arriving at the operating surplus.
Taxation
The charity is exempt from corporation tax on its charitable activities.
13
The Maiden Factor Foundation
Notes to the Financial Statements cont.
For The Year Ended 30 September 2024
3 Average number of Employees
Average number of employees ,excluding directors,during the year was as follows:
2024 NIL 2023 NIL
| 4 | Statement of Financial Activities - prior | Statement of Financial Activities - prior | year | ||
|---|---|---|---|---|---|
| 2023 | |||||
| Unrestricted | Restricted | Endowment | |||
| Funds | Funds | Funds | Total Funds | ||
| £ | £ | £ | £ | ||
| Income from: | |||||
| Donations and Le | 843 | 843 | |||
| Charitable activit | 638 | 638 | |||
| Investments | 94 | 94 | |||
| _________________ | |||||
| Total | 1,575 | 1575 | |||
| _______________ | |||||
| Expenditure on | |||||
| Raising funds | 188,246 | 188,246 | |||
| Donations | 67,554 | 67,554 | |||
| Other costs | 6,913 | 6,913 | |||
| Governance | 2,419 | 2,419 | |||
| _______________ | |||||
| 265,132 | 265,132 | ||||
| _______________ | |||||
| Net income (expenditure) | |||||
| - | 263,557 |
- | 263,557 |
||
| _______________ | |||||
| Net movement in funds | |||||
| - | 263,557 |
- | 263,557 |
||
| Reconciliation of funds: | |||||
| Total funds brought | forward | ||||
| 341,819 | 341,819 | ||||
| SURPLUS FOR THE | FINANCIAL YEAR | ||||
| 78,262 | 78,262 | ||||
| _________________ |
14
The Maiden Factor Foundation
Notes to the Financial Statements cont.
For The Year Ended 30 September 2024
| 5 | Income from | donations | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Unrestricted | Restricted | Endowment | ||||
| Funds | Funds | Funds | Total Funds | Total Funds | ||
| £ | £ | £ | £ | £ | ||
| Donations | 42,970 | 42,970 | 843 | |||
| ______________ | ||||||
| 42,970 | - | - | 42,970 | 843 | ||
| ======================================================================== | ||||||
| 6 | Income from | charitable activities | ||||
| 2024 | 2023 | |||||
| Unrestricted | Restricted | Endowment | ||||
| Funds | Funds | Funds | Total Funds | Total Funds | ||
| £ | £ | £ | £ | £ | ||
| Fund raising | activities | |||||
| - | 638 | |||||
| _______________ | ||||||
| - | - | - | - | 638 | ||
| ======================================================================== |
7 Income from investments
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | |||
| Funds | Funds | Funds | Total Funds | Total Funds | |
| £ | £ | £ | £ | £ | |
| Interest received | |||||
| 127 | 94 | ||||
| _______________ | |||||
| 127 | 94 | ||||
| ======================================================================== | |||||
| 8 Expenditure on charitable activities | |||||
| 2024 | 2023 | ||||
| Unrestricted | Restricted | Endowment | |||
| Funds | Funds | Funds | Total Funds | Total Funds | |
| £ | £ | £ | £ | £ | |
| Fundraising activities | 188,246 | ||||
| Donations | 61,696 | 61,696 | 67,554 | ||
| Governance costs | |||||
| Independent examination | 1,850 | 1,850 | 2,419 | ||
| ______________ | |||||
| 63,546 | 63,546 | 258,219 | |||
| ======================================================================== |
15
The Maiden Factor Foundation
Notes to the Financial Statements cont.
For The Year Ended 30 September 2024
9 Other Expenditure
| 2024 | 2023 | 2023 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | ||||
| Funds | Funds | Funds | Total Funds | Total Funds | ||
| £ | £ | £ | £ | £ | ||
| General administrative c | 891 | 891 | 284 | |||
| Professional costs | 5,296 | 5,296 | 6,629 | |||
| _______________ | ||||||
| 6,187 | 6,187 | 6,913 | ||||
| ======================================================================== | ||||||
| 10 | Net(expenditure)/income before transfer | of funds | ||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| This is stated after charging: | ||||||
| Independent Examiners fee | 1,850 | 1,200 | ||||
| ________ | ||||||
| 1,850 | 1,200 | |||||
| ====================== | ||||||
| 11 | Trustees remuneration and expenses | |||||
| None of the Trustees have been paid any remuneration or expenses during the current | ||||||
| or prior periods. | ||||||
| 12 | Debtors |
----- Start of picture text -----
2024 2023
£ £
Due within one year
Amounts owed from related parties - 1,801
____
- 1,801
======================
13 Creditors :Amounts falling due within one year
2024 2023
£ £
Trade Creditors 3,019
Accrued Expenses 1,850 1,200
Amounts due to related parties 56,048 -
______
57,898 4,219
======================
14 Movement in funds at 01/10/202 Net At
movement in 30/09/2024
funds
£ £ £
Unrestricted funds 78,262 - 26,636 51,626
----- End of picture text -----
16
The Maiden Factor Foundation
Notes to the Financial Statements cont.
For The Year Ended 30 September 2024
Comparatives for movement in funds
| At | Net | At | |
|---|---|---|---|
| 01/10/2022 | movement in | 30/09/2023 | |
| funds | |||
| £ | £ | £ | |
| Unrestricted funds | 341,819 | 263,557 - |
78,262 |
| _________ | |||
| Total Funds | 341,819 | 263,557 - |
78,262 |
| ================================ |
Comparatives net movement in funds,included in the above are as follows:
Unrestricted funds
| Incoming | Resources | Movement |
|---|---|---|
| resources | expended | in funds |
| £ | £ | £ |
| 1,575 | 265,132 | 263,557 |
| _________ | ||
| 1,575 | 265,132 | 263,557 |
| ================================ |
15 Related party disclosures
The Charity benefits from the continued support of the Maiden Factor Limited(company (reg:10336494) and is partly owned by Ms Tracy Edwards, and Maiden World Limited (company Reg:08708296),wholly owned By Ms Tracy Edwards. The companies facilitate and promote the Charity's objectives through the use of the Yacht "Maiden" and the running costs associated with it.
During the year,the Charity received loans from the companies to facilitate continuation of charitable objectives,The loans are interest free and repayable on demand.The amounts included within Creditors are 2024:£56,048 (2023: Nil)
16 Company Llimited by guarantee
The company is limited by guarantee and has no share capital.
17
The Maiden Factor Foundation
Detailed Statement of Financial Activities For The Year Ended 30 September 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | ||
| Funds | Funds | Funds | Total Funds | Total Funds |
| £ | £ | £ | £ | £ |
| Income and endowments from: | ||||
| Donations and legacies 42,970 |
42,970 | 843 | ||
| _________________ | ||||
| 42,970 | 42,970 | 843 | ||
| _________________ | ||||
| Charitable Activities | ||||
| Fundraising activities - |
- | - | - | 638 |
| _________________ | ||||
| - | - | - | - | 638 |
| _________________ | ||||
| Investments | ||||
| Interest received 127 |
94 | |||
| _______________ | ||||
| 127 | 94 | |||
| ======================================================================== | ||||
| Total income and Endow 43,097 |
1,575 | |||
| Expenditure on: | ||||
| Charitable activities costs | ||||
| Fundraising activities - |
188,246 | |||
| Donations 61,696 |
61,696 | 67,554 | ||
| _________________ | ||||
| 61,696 | 61,696 | 255,800 | ||
| _________________ | ||||
| Governance costs | ||||
| Accounting fees and independent | ||||
| examination 1,850 |
1,850 | 2,419 | ||
| _________________ | ||||
| Total expenditure on charitable activities | ||||
| 63,546 | 63,546 | 258,219 | ||
| General administration costs | ||||
| Bank charges 150 |
63 | |||
| Sofware and IT support 2,796 |
||||
| Stationery and printing 564 |
||||
| General administrative ex 177 |
221 | |||
| _________________ | ||||
| 3,687 | 284 | |||
| _________________ |
18
The Maiden Factor Foundation
Detailed Statement of Financial Activities cont. For The Year Ended 30 September 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | |||
| Funds | Funds | Funds | Total Funds | Total Funds | |
| £ | £ | £ | £ | £ | |
| Legal and professional costs | |||||
| Consultancy fees | 2,500 | 2,500 | 6,629 | ||
| _________________ | |||||
| Total expenditure of othe 6,187 |
6,187 | 6,629 | |||
| _________________ | |||||
| Total expenditure | 69,733 | 69,733 | 265,132 | ||
| Net Income(expenditure) | 26,636 - |
26,636 | 263,557 | ||
| _________________ | |||||
| Net movement of funds | 26,636 - |
26,636 - |
263,557 | ||
| ============================================================================== | |||||
| Reconciliation of funds: | |||||
| Total funds brought forwa 78,262 |
78,262 | 341,819 | |||
| _________________ | |||||
| Total funds carried forwa | 51,626 | 51,626 | 78,262 | ||
| ============================================================================== |