Charity Registration No. 1177520
THE FOUX FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE FOUX FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees J Segal Miss M Foux A Ferguson L Ferguson (Chairperson) Charity number 1177520 Principal address 73 Cornhill London EC3V 3QQ Independent Examiner S Coleman ACA Gerald Edelman LLP 73 Cornhill London EC3V 3QQ Bankers Barclays Bank 1 Churchill Place London E14 5HP
THE FOUX FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of Trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 11 |
THE FOUX FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their annual report and financial statements for the year ended 5 April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019)
Objectives and activities
The charity's objects are as follows:
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a. To aid in the advancement of health or the saving of lives through charities that promote activities that have a proven beneficial effect on health, charities that provide (conventional and/or complementary, alternative or holistic) medical treatment, care and healing, such as hospitals and healing centres, and charities supporting their work or associated with them - with a special interest and focus on Neurological medicine, equipment and research The promotion of good health and well being people of all ages wherever situated both at home and abroad.
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b. To aid in the advancement of education through the support of educational establishments such as schools, colleges and universities or organisations supporting the work of education establishments, or associated with them. The advancement of education of young people both at home and abroad
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c. To aid and assist the support and welfare of individuals and the family unit across society both at home and abroad
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d. To further such charitable purposes (charitable under English law) as the Trustees determine
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. and in exercise of their powers as detailed in the constitution and under charity law.
It is the policy of the Trustees to support individual charities mainly on a single donation basis. Applications are welcomed from the other charitable institutions for grants with no geographical or other limitations imposed. The merits of each application are considered and if required, further research carried out prior to a grant being paid out. All applications should be made via the website of the charity namely www.fouxfoundation.org,uk.
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THE FOUX FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Achievements and performance
During the year under review the Trustees continued to support various charitable institutions with total grants paid out of £216,566 (2022-£86,669). The main grants made were as follows:
Small Steps
The sum of £39,000 was donated over the period in order to support the work of Small Steps. Small Steps aims to alleviate the suffering of adults and children working on rubbish dumps around the world. Small Steps provides emergency aid, shoes and food to children and communities living on rubbish dumps as well as provide support for children to take steps off the dumps into the charities children’s centres.
Come True Project
The sum of £40,000 was donated over the period in order to support a project in Uganda. Come True Project supports communities in Kenya, South Sudan and Haiti to improve the quality of life of orphaned and vulnerable children and their families, and to sustain their health, education and economic status. Become serves people regardless of religion, race, ethnicity, or gender.
Konkuey Design Initiative
The sum of £40,114 was donated over the period in order to support a project in Kenya. KDI works with local residents in Kenya to transform unsafe and under-used sites into “Productive Public Spaces." From permanent parks to temporary vacant lot activations, each space integrates key amenities such as community buildings, water and sanitation facilities, green infrastructure, and open spaces for recreation and exercise. KDI execute all phases of the design process.
A full list of grants is included in note 4 to the accounts.
The charity has now set up its own website which provides more detailed information about the charity. The website address is www.fouxfoundation .org.uk.
Financial review
The net expenditure for the year amounted to £19,126 (2022- Income £11.086).
Income received in the year totalled £200,000 (2022 £100,000) and was generated from donations from family interests of the Trustees. Expenditure totalled £219,126 (2022-£88,914) and this mainly comprised grants made as previously detailed in this report.
The reserves at the balance sheet date totalled £55,133. This level of reserves is currently sufficient to ensure that the planned commitments of the charity can be met. The Trustees acknowledge the need to provide additional funding to enable activities to continue at their planned level.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to such risks.
Structure, governance and management
The charity was established by a constitution (effective registration date 13 March 2018) and was formed as a Charitable Incorporated Organisation.
The Trustees who served during the year and up to the date of signature of the financial statements were: J Segal Miss M Foux A Ferguson L Ferguson
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THE FOUX FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
The power of appointment of new Trustees is vested in the Board. In selecting individuals for appointment regard will be given to their skills, knowledge and experience needed for the effective administration of the charity.
None of the Trustees of the charity has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees meet regularly in order to discuss the ongoing administrative and other issues arising.
The Trustees' report was approved by the Board of Trustees.
J Segal Trustee Dated: 1 February 2024
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THE FOUX FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2023
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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.
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THE FOUX FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FOUX FOUNDATION
I report to the Trustees on my examination of the financial statements of The Foux Foundation (the charity) for the year ended 5 April 2023.
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) and that an independent examination is needed. .
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 Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do 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 as part of 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 the financial statements to be reached.
S Coleman ACA Gerald Edelman LLP Chartered Accountants 73 Cornhill London EC3V 3QQ
Dated: 1 February 2024
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THE FOUX FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023
| Notes Income from: Donations and legacies 2 Expenditure on: Charitable activities 3 Net income/(expenditure) for the year Fund balances at 6 April 2022 Fund balances at 5 April 2023 |
Total 2023 £ 200,000 219,126 (19,126) 74,259 55,133 |
Total 2022 £ 100,000 |
|---|---|---|
| 88,914 | ||
| 11,086 63,173 |
||
| 74,259 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE FOUX FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2023
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Income funds Unrestricted funds The financial statements were approved by the Trustees on 1 J Segal Trustee |
2023 £ 57,353 (2,220) February 2024 |
2022 £ £ 84,305 (10,046) 55,133 55,133 |
£ 74,259 |
|---|---|---|---|
| 74,259 | |||
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THE FOUX FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
Charity information
The Foux Foundation is a Charitable Incorporated Organisation. The registered office is 73 Cornhill, London EC3V 3QQ.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the 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 but 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 modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once 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 at the time of the donation.
Other income including investment income is included in the accounts on an accruals basis.
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THE FOUX FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.5 Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis and the irrecoverable element of VAT is included in the expense to which it relates .
Grants payable are payments made to third parties in the furtherance of the charitable activities of the Trust. Grants are recognised in the accounts when paid or when the Trustees have agreed to pay the grant without condition. At the end of each year a review is carried out in respect of future charitable commitments to be made and a note to the accounts in included in respect of the total commitments.
Charitable expenditure includes grants payable and support costs incurred regarding the provision and supervision of charitable projects. Support costs include governance costs represented by audit costs and other professional fees incurred in connection with the meeting of the charity's constitutional and statutory obligations.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the 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 classified as receivable within one year are not amortised.
Basic financial liabilities
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 the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services 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 liabilities. Trade creditors are recognised initially at transaction price 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 Taxation
As a registered charity the Foundation is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.
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THE FOUX FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
2 Donations and legacies
| Donations and gifts 3 Charitable activities Grant funding of activities (see note 4) Support costs including independent examination 4 Grants payable Grants to institutions: Suicide & Co Ukraine Dec EFTC The Kids Network Small Steps Project Love The One Garden Library Come True Ptoject Loomdot Dads House Tender Education Konkuey Design Initiative Prasad Project DEF Turkey/Syria |
2023 £ 200,000 2023 £ 216,566 2,559 219,126 Total 2023 £ - - 13,378 - 39,000 19,760 10,000 40,000 11,055 5,000 30,000 40,114 18,259 10,000 216,566 |
Total 2022 £ 100,000 |
|---|---|---|
| 2022 £ 86,669 2,245 |
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| 88,914 | ||
| Total 2022 £ 5,000 10,000 - 26,103 24,666 - 20,900 - - - - - - - |
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| 86,669 |
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THE FOUX FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
5 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were refunded to the trustees in the year.
6 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
7 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Grants payable Accruals and deferred income |
2023 £ - 2,220 2,220 |
2022 £ 7,646 2,400 |
| 10,046 |
8 Share capital
The company has no share capital being a Charitable Incorporated Organisation.
9 Financial commitments, guarantees and contingent liabilities
The Trustees have made grant commitments as below which will be financed out of future income arising:
Tender Education £20,000 Child Rescue Nepal £70,000
10 Related party transactions
Donations were received from the Trustees and their family interests of £200,000 (2022-£100,000). There were no other disclosable related party transactions during the period.
11 APB Ethical Standard relevant circumstances
In common with many entities of our size we use our independent examiners to assist with the preparation of the accounts.
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