FRANCIS CLARK CHARITABLE FOUNDATION (A company limited by guarantee)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR
YEAR TO 28 FEBRUARY 2022
Company Registration Number 9431170 Charity Number 1160833
Francis Clark Charitable Foundation
Financial Statements
Year to 28 February 2022
| CONTENTS | PAGES |
|---|---|
| Reference and administrative details | 1 |
| Trustees Annual Report | 2 |
| Statement of Trustees Responsibilities | 3 |
| Independent Examiner’s Report | 4 |
| Statement of financial activities (including income and expenditure account) | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 to 8 |
Francis Clark Charitable Foundation
Reference and Administrative Details
Year to 28 February 2022
Trustees: Helen Alcock Peter Beaumont (Resigned 1 May 2022) James Beck (Appointed 1 May 2022) Peter Cliff Nicholas Harris Richard Kennedy (Appointed 1 May 2022) Tim Lannin (Appointed 1 March 2021) Peter Serjeant Kevin Stoyle (Resigned 1 March 2021) Julie Towers (Appointed 1 May 2022) Melody Tuffnell (Resigned 1 May 2022) Nicola Whitcomb Mike Wilson (Appointed 1 May 2022) Registered Office: Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF Charity Number: 1160833 Company Registration Number: 9431170
- 1 -
Francis Clark Charitable Foundation
Trustees Annual Report
Year to 28 February 2022
The trustees have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year to 28 February 2022.
Objectives and Activities for the Public Benefit
The charity’s purposes as set out in the objects contained in the company’s memorandum of association are:-
-
To relieve those in need by reason of financial hardship, in particular (but without limitation), any partner, former partner, employee or former employee of Francis Clark (or any associated company), or any spouse, brother, sister, stepbrother, stepsister, ancestor or descendant of such employee, or any other person who, in the opinion of the Trustee, is dependent upon such partner, former partner, employee or former employee.
-
Such other general charitable purposes for the benefit of the general public as the Trustees in their absolute discretion think fit to support.
The charity’s sponsor is Francis Clark LLP.
The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s objective, in planning its future activities and setting the grant making policy.
The charity furthers its charitable purposes for the public benefit through its grant making policy.
The trustees have liaised with the charity’s sponsor and details of the charity’s purpose and how the trustees may be contacted have been published on its staff intranet. In the period, a small number of applications for grants have been received and considered.
Achievements and Performance
During the year the charity made awards totalling £14,004 including six to individuals to relieve financial hardship and one for £250 to a charity that assisted a member of staff.
Financial Review and Reserves Policy
The charity receives funding from its sponsor and does not solicit funding from other sources. During the year grants of £62,500 were received and expenditure, including grants, of £14,461 was incurred. This produced net income of £48,039. Total reserves at the year end amounted to £183,578. The trustees have decided the holding of significant reserves is unnecessary, as the trustees provide their time without charge and the level of administrative expenditure is minimal.
Impact of Covid 19
Except for the inability of trustees to physically meet, Covid-19 has had no material impact on the charity. The trustees regularly communicate by email and through other media.
- 2 -
Francis Clark Charitable Foundation
Trustees Annual Report
Year to 28 February 2022
Structure Governance and Management
Governing Document
The charity is constituted as a private company limited by guarantee and its governing document is its memorandum and articles of association.
Trustees
The directors of the company are also charity trustees for the purposes of charity law.
As at 28 February 2022, the trustees comprise former partners and staff of the sponsor (3), current members of staff of the sponsor (4) and prominent local business people (1). New trustees will be recruited and appointed by the existing trustees based on their suitability for carrying out the objectives of the charity and are likely to be selected from the groups refer to above.
Trustees Responsibilities
The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company 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 company and the net income or expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent; 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 maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.
Small Company Charity Provisions
This report has been prepared in accordance with the Charities SORP (FRS102) and in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Signed on behalf of the trustees on 22 August 2022.
P G SERJEANT Trustee
- 3 -
Francis Clark Charitable Foundation
Independent Examiner’s Report
Year to 28 February 2022
I report to the charity trustees on my examination of the accounts of Francis Clark Charitable Foundation for the year ended 28 February 2022.
Responsibilities and basis of report
As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
T L Orchard FCMA Windyridge Midella Road Yelverton Devon PL20 6AU
Date: 22 August 2022
- 4 -
Francis Clark Charitable Foundation
Statement of Financial Activities
(Incorporating Income and Expenditure Account)
Year to 28 February 2022
| Year to 28 February 2022 | |||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Total Funds | Total Funds | ||
| Year to | Year to | ||
| 28 Feb 2022 | 28 Feb 2021 | ||
| Note | £ | £ | |
| Income from: | |||
| Donations | 62,500 | 37,500 | |
| Expenditure on: | |||
| Charitable grants | 3 | 14,254 | 3,100 |
| Administration costs | 4 | 207 | 152 |
| -------------------------------- | -------------------------------- | ||
| Total | 14,461 | 3,252 | |
| -------------------------------- | -------------------------------- | ||
| Net income and net movement in funds | 48,039 | 34,248 | |
| ================================ | ================================ | ||
| Reconciliation of funds: | |||
| Total funds brought forward | 135,539 | 101,291 | |
| -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 183,578 | 135,539 | |
| ================================ | ================================ |
All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. The surplus for the year for Companies Act purposes is equivalent to the net movement in funds.
The notes on pages 7 to 8 form part of these financial statements.
- 5 -
Francis Clark Charitable Foundation
Balance Sheet
28 February 2022
| 28 February 2022 | |||
|---|---|---|---|
| 2022 | 2021 | ||
| Note | £ | £ | |
| Current assets | |||
| Debtors | 7 | 12,500 | 22,500 |
| Cash at bank and in hand | 172,951 | 113,189 | |
| -------------------------------- | -------------------------------- | ||
| Total current assets | 185,451 | 135,689 | |
| -------------------------------- | -------------------------------- | ||
| Liabilities | |||
| Creditors: Amounts falling due within one year | 8 | 1,873 | 150 |
| -------------------------------- | -------------------------------- | ||
| Total Net assets | 183,578 | 135,539 | |
| ================================ | ================================ | ||
| Funds | |||
| Unrestricted income funds | 183,578 | 135,539 | |
| ================================ | ================================ |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
-
(i) ensuring that the company keeps adequate accounting records which comply with section 386 of the Act, and
-
(ii) 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 year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as is applicable to the company.
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act.
These financial statements were approved and signed by the trustees and authorised for issue on 22 August 2022, and are signed on their behalf by:
P SERJEANT Trustee
Company Registration Number: 9431170
The notes on pages 7 to 8 form part of these financial statements.
- 6 -
Francis Clark Charitable Foundation
Notes to the Financial Statements
Year to 28 February 2021
1. Accounting policies
Basis of accounting
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Francis Clark Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
b) Income
Income is recognised when the charity has entitlement to funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
c) Expenditure
Expenditure is recognised once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes irrecoverable VAT.
d) Fund Accounting
Unrestricted funds are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.
2. Legal status of the charity
The charity is a company limited by guarantee and has no share capital. It is incorporated in England and Wales. In the event of the company being wound up, the liability of the members is limited to £10 each. Under the provisions of Section 60 of the Companies Act 2006, the company is entitled to omit the word "Limited" from its name.
- 7 -
Francis Clark Charitable Foundation
Notes to the Financial Statements
Year to 28 February 2021
3. Charitable Grants
During the year grants totalling £14,004 were paid to 6 individuals to relieve financial hardship (2021: £3,100 paid to 2 individuals). A further £250 was paid to a charity that assisted a member of staff (2021:nil).
4. Administration expenditure
Administration expenditure includes £175 (2021: £150) in respect of amounts payable for the independent examination.
5. Trustees remuneration
No trustees received remuneration or were reimbursed for expenses during the year (2021: £nil).
6. Control and Related Party Transactions
The charity is under the control of its Trustees.
During the period the charity received donations of £62,500 from Francis Clark LLP, an organisation in which the majority of the trustees are either employees or former partners.
There were no conditions attached to the donations.
7. Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year:- | |||
| Gift Aid receivable | 12,500 | 22,500 | |
| -------------------------------- | -------------------------------- | ||
| 8. | Creditors: Amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals | 1,873 -------------------------------- |
150 -------------------------------- |
- 8 -