Charity Registration No. 1177520
THE FOUX FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
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 H Patel FCCA 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 2024
The Trustees present their annual report and financial statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 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 2024
Achievements and performance
During the year under review the Trustees continued to support various charitable institutions with total grants paid out of £206,020 (2023-£216,566). The main grants made were as follows:
Child Rescue Nepal
The sum of £105,000 was donated over the period in order to support the work of Child Rescue Nepal. CRN works to free children trapped in forced labour and support them as they improve their lives. The organisation therefore falls into multiple objectives of the Foux Foundation: to save lives, aid in education and enhance welfare.
Love the One
The sum of £39,520 was donated over the period in order to support Love the One. Love the One exists to stand alongside poor, abused, orphaned, exploited and marginalised children in India. The charity is passionate about child-centred development. Children represent the future and are often the starting point for breaking intergenerational cycles of poverty, abuse and discrimination.
Trekstock
The sum of £34,000 was donated over the period in order to support Trekstock. Trekstock works with young cancer sufferers in their 20s and 30s. It is the only UK charity that specifically provides solutions for this age group that has historically been underserved. Their range of services include services and resources that help our community get informed, get connected, get active and get heard.
A full list of grants is included in note 5 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 £8,479 (2023-£19,126).
Income received in the year totalled £200,000 (2023 £200,000) and was generated from donations from family interests of the Trustees. Expenditure totalled £208,479 (2023-£219,126) and this mainly comprised grants made as previously detailed in this report.
Having reviewed the charity's financial forecast and expected future cash flows , the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.
Accordingly, the Trustees continues to adopt the going concern basis in preparing the financial statements for the year ended 5 April 2024. Further details regarding adoption of the going concern basis can be found in note 1.2 to the financial statements.
The reserves at the balance sheet date totalled £46,654. 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.
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THE FOUX FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
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
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: 27 January 2025
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THE FOUX FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2024
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
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024
| Notes Income from: Donations and legacies 3 Expenditure on: Charitable activities 4 Net expenditure for the year Fund balances at 6 April 2023 Fund balances at 5 April 2024 |
Total 2024 £ 200,000 208,479 (8,479) 55,133 46,654 |
Total 2023 £ 200,000 219,126 (19,126) 74,259 55,133 |
|---|---|---|
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 2024
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Income funds Unrestricted funds |
2024 £ 118,994 (72,340) |
£ 46,654 46,654 |
2023 £ 57,353 (2,220) |
£ 55,133 |
|---|---|---|---|---|
| 55,133 |
The financial statements were approved by the Trustees on 27 January 2025
J Segal Trustee
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THE FOUX FOUNDATION
BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2024
1 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to 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. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 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 revision and future periods where the revision affects both current and future periods.
2 Accounting policies
Charity information
The Foux Foundation is a Charitable Incorporated Organisation. The registered office is 73 Cornhill, London EC3V 3QQ.
2.1 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.
2.2 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.
2.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
2.4 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.
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THE FOUX FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2 Accounting policies
(Continued)
2.5 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.
2.6 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.
2.7 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 2024
| 3 Donations and legacies Donations and gifts 4 Charitable activities Grant funding of activities (see note 5) Support costs including independent examination 5 Grants payable Grants to institutions: The Childhood Trust Trekstock Chai Cancer Care EFTC Child Rescue Nepal Small Steps Project Love The One Garden Library Come True Ptoject Loomdot Dads House Tender Education Konkuey Design Initiative Prasad Project DEF Turkey/Syria Other |
2024 £ 200,000 2024 £ 206,020 2,459 208,479 Total 2024 £ 5,000 34,000 2,500 - 105,000 - 39,520 - - - - 10,000 - - - 10,000 206,020 |
2023 £ 200,000 |
|---|---|---|
| 2023 £ 216,566 2,560 |
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| 219,126 | ||
| Total 2023 £ - - - 13,378 - 39,000 19,760 10,000 40,000 11,055 5,000 10,000 40,114 18,259 10,000 - |
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| 216,566 |
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THE FOUX FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
6 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.
7 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Number | Number | ||
| Total | - | - | |
| 8 | Creditors: amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants payable | 70,000 | - | |
| Accruals and deferred income | 2,340 | 2,220 | |
| 72,340 | 2,220 |
9 Share capital
The company has no share capital being a Charitable Incorporated Organisation.
10 Related party transactions
Donations were received from the Trustees and their family interests of £200,000 (2023-£200,000). 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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