FRANCIS CLARK CHARITABLE FOUNDATION (A company limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR TO 28 FEBRUARY 2025 Company Registration Number 9431170 Charity Number 1160833 Francis Clark Charitable Foundation Financial Statements Year to 28 February 2025 CONTENTS PAGES Refer@nc@ and administrative details Trustees Annual Report Statement of Trustees Responsibilities Ind@pènd8nt Examiner's R6POrt Statement of financial activities (including income and expenditure account) Balanc8 sheet Notes to the financial statements 7t09 Francis Clark Charitable Foundation Reference and Administrative Details Year to 28 February 2025 Trustees: James Beck Peter Cliff Slephen Collins Nicholas Harris (resigned 26 February 2025) Mary Hooper (appointed 30 May 2024) Richard Kennedy Tim Lannin Peler Serjeant Julie Towers Nicola Whitcomb Mike Wilson Registered Offlce: Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF Char5ty Number: 1160833 Company Reglstratlon Number: 9431170 Francis Clark Charitable Foundation Trustees Annual Report Year to 28 February 2025 The Irustees have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year to 28 February 2025. 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 limilation). any partner. former partner. employee or former employee of Francis Clark {or any associated company), or any spousa, brother, sister. stepbrother, stepsist8r, ancestor or descendant of such employeè, or any other person who, in tho 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 géneral public as the Trustees in their absolute discretion think fit to support. The charity's sponsor is Francis Clark LLP. The trustees conflrm that they have referred to the Charity Commission's guidance on public benefit when reviewing Ihe charily's objective. in planning its fulure activities and setting the grant making policy. The charily furlhers ils charitable purposes for Ihe public benefit through its grant making policy. The trustees hav8 liaisod wlth the charity's sponsor and datails of the charity's purpose and how the trustees may be conlacled have been published on its staff intranet. In the period, a small number of applications for grants have been received and considered. Achlevements and Performance During the year the charity made awards totalling £25,436 from unrestricted funds to twelve individuals and a loan of £5,400 to one individual to relieve financial hardship. A final paymenl of £11,595 was made from the restricted fund to assist Ukrainian families seeking refuge in the UK. Flnanclal Revlew and Reserves Pollcy The charity receives funding from its sponsor and does not solicit funding from other sources. Expenditure totalled £37,288 and included grants of £11,595 paid from restricted funds and £25,436 paid from unrestricled funds. This produced net income of £45,023. Following the final payment of the 'Ukranian' costs, the sponsor confirmed that the remaining restricted funds of £38,405 could be transferred to unrestricted reserves. Total unrestricted reserves at Ihe year end amounted to £271,342. The Irustees 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. Francis Clark Charitable Foundation Trustees Annual Report Year to 28 February 2025 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 associalion. Trustees The directors of the company are also charity Irustees for the purposes of charity law. As at 28 February 2025, the Irustees comprise former partners and staff of the sponsor (7) and current members of staff ofthe sponsor (3). 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 Responsibilitles The trustees are responsible for preparing the annual report and the financial statements in accordance wilh applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the dlreclors have elected to prepare the flnanclal statements in accordance wilh 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 charitabl@ company and the net income or expenditure of the charilable company for that period. I n preparing these financial statements, Ihe trustees are required to.. Select suilable accounting policies and then apply them consistently- Make judgements and estimates thal are reasonable and prudent., and Prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records whlch dlsclose with reasonable accuracy at any time the financial position of Ihe charity and enables them lo ensure that the financial statements comply wilh the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe preveiition and detection of fraud and other irregularilies. Small Company Charity Provislons This reporl has been prepared in accordance with the Charities SORP IFRS102) and in accordance wilh Ihe special provisions for small companies under Part 15 of Ihe Companies Act 2006. Signed on behalf of the trustees on Trustee Francis Clark Charitable Foundation Independent Exarniner's Report Year to 28 February 2025 report to the charily trustees on my examination of the accounts of Franci5 Clark Charitable Foundation for the year ended 28 February 2025. 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 ('Ihe 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 eSigible for ind8pendent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 1'th8 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 examlner's statement I have completed my examination. I confirm that no malters have come to rny attention in connection with the examination giving me cause to believe., 1. accounting records were not kept in r8spect of the Company as required by section 386 of the 2006 Acl; or 2. Ihe accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts giv8 a 'true and fair view which is not a matter considered as part of an independent examination., or 4. 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 accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examinalion to which attention should be drawn in this report in order to enable a prop&r understanding of the accounts to be reached. ,FJ¢,•a T L Orchard FCMA Windyridge Midella Road Yelverton Devon PL20 6AU Date: Francis Clark Charitable Foundation Statetnent of Financial Activities {Incorporating Income and Expenditure Account) Year to 28 February 2025 Unrestricted Restricted Total Funds Total Funds Funds Funds Year to Year to 28 Feb 2025 29 Feb 2024 Not9 Income from: Donations Interest receivable 80,825 1,486 80,825 1,486 77.500 Total 82,311 82,311 77.500 Expenditure on: Charitable grants Administration costs 25,436 257 11,595 37,031 257 35,747 196 Total 25,693 11,595 37,288 35,943 Net income 56,618 111,595> 138,405) (50,000 45,023 41,557 Transfers 38,405 Net movement in funds 95,023 45,023 41,557 Reconclllatlon of funds.. Total funds brought forward Total funds carried fonvard 176,319 271,342 50,000 226,319 184,762 271,342 226,319 All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. Tho surplus for the year for Companies Act purposes 15 equivalent to the net movement iii funds. The notes on pages 7 to 9 form part of these financial statements. Francis Clark Charitable Foundation Balance Sheet 28 February 2025 2025 2024 Note Current assets Debtors Cash at bank and in hand 24,599 246,943 33,000 193,494 Total current assets 271,542 226,494 Llabllltles Creditors.. Amounts falling due within one year Total Net assets 200 175 271.342 226,319 Funds Unrestricted income funds Restricted income funds 271.342 176,319 50,000 271,342 226,319 The direclors are salisfied thal Ihe company is entilled lo exemplion from Ihe provisions of Ihe 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 wilh section 386 of the Act, and (li} preparing financial statements which give a true and fair view of the stale of affairs of the company as at the end of the financial year and of its profi't or loss for the financial year in accordance wilh 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. Th&so financial stat8ments 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 S J￿1 and are signed on their behalf by: P Serjeant Trustee Company Registration Number.. 9431170 The notes on pages 7 to 9 forni part of these financlal statements. Francis Clark Charitable Foundation Notes to the Accounts Year Ended 28 February 2025 Accounting policies Basls of accounting The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: Basis of preparatSon The financial statements have been prepared in accordance with Accounling and R8porting by Charities.. Statement of Recommended Practice applicable to charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019) - Icharities 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 definitioii 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 relevanl accounting policy notes. The trustees consider Ihat there are no material uncertainties about the Charity's ability lo continue as a going concern. Income Income is recognised when the charity has enlillement 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. Expendlture Expenditure is recognised once there is a legal or construclive 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 Accountlng Unrestricted funds are funds that can be used in accordance with the charitable objecls at the discretion of the Trustees. Reslricted funds are funds which are to be used in accordance with specific restrictions imposed by donor5 or which have been raised by the charity for a specific purpose. Legal status of the charity The charity is a company limited by guarantee and has no share capital. 11 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 omil the Word "Limited" from its name. Francis Clark Charitable Foundation Notes to the Accounts Year Ended 28 February 2025 Charitable Grants During the year grants from unrestricted funds totalling £25,436 were paid to twelve individuals 12024: £15,747 were paid to eight individuals) to relieve financial hardship. Awards of £11,595 (2024.. £20,000) were made from the restricted fund to assist Ukrainian families seeking refuge in the UK. Admlnlstratlon expendlture Administration expenditure includes £200 {2024'. £175) in respect of amounts payable for the independent examination. Trustees, remuneratlon No trustees recelved remuneration or were reimbursed for expenses during the year12024'. £nil). Control and Rolatod Party Transactions The charity is Lsnder the conlrol of its Trustees. During the period the charity received donations. including Gift Aid, of £80,825 (2024 £77,500) from Francis Clark LLP, an organisation in which the majority of the truste8s are either employees or fomier partners. There were no conditions attached to the donations. Debtors 2025 2024 Due within one y8ar'.- Gift Aid receivable Loans 16,165 8,434 28,000 5,000 24.599 33,000 Creditors: Amounts falllng due wlthln one year 2025 2024 Accruals 200 175 Francis Clark Charitable Foundation Notes to the Accounts Year Ended 28 February 2025 Movement in funds Balance at 28 February 2025 Balance at 1 March 2024 Income Expenditure Transfers Unrestricted Funds 176,319 82,311 (25,693) 38,405 271,342 Restricted Fund 50,000 (11,595) (37,288) (38,405) Total funds 226,319 82,311 271,342 Previous year: Balance at 29 February 2024 Ba5ance at 1 March 2023 Income Expenditure Transfers Unrestricted Funds Restricted Fund 152,262 32,500 40,000 37,500 (15,943) (20,000) (35,9431 176,319 50,000 Total funds 184,762 77,500 226,319 Thg restricled fund is to be used to provide r81ief for people fleeing their homes in Ukraina as a result of the conflict and seeking rafugg in the UK. Following the final payment during tho yéar, th6 sponsor confirmed that the remaining restricted funds of £38,405 could be transferred to unrestricted reserves. All funds are held in the form of current assets.