REGISTERED COMPANY NU.IIBER: 11217058 (Englgnd and IV2les) REGISTEREDCHARITY NUMBER: I1881 Re rt of Ihe Truslees ' 2024 for Canl Facto ' Fou1atIon Richard Smedle). Liiniied Ch.irtttrd AcctallI$ L Reoistered Audi1$ Riclini(Mid House Lai%"nsiI-o BIlnesS Pirk- Redvers Close Lee(Is West YoTk"s1iii¢ L5166QY
Caril Facto , FoundAtion Contents ofthe Finaneial Sixtemeii for r Ended 31 JaThuA . 2024 Pagt RefeTen¢t #nd Admlnislratii't Dtlails Report of the Trustees Report of the Indepeiident Auditors 7 10 10 Statemtnt of Finaiicial Activities Balaiiet Sheet 12 Cash Fknii. Statement 13 Notes to the Cash Flojv Statement 14 Notes to the Financial statemeIs 15 20 Detxiled Statement of Financial Atliiities 21
Caril Faetor Fouildation Reference gnd Adminastraliie Detaits for tlie I'eai. Endefl 31 Januar . 2024 TRUSTEES S GI Dtrector J HardJ Director (resigned4.5.2024} N L Roge(%)n Ditector (re%Ened 7.5.2024) S J L Roiine) Director S M Gleadall Direclor (resEned22.9.2023) B N Waring Direcior V Brani]e}' (apwinied 2.2.2024) T S Cw)pin (apwinted 22.5.20?4) S P Ste¢l¢ Dir¢cTor (aH)oirted 17.112023) J ThoTburn Direcior {appOted17.1l.2023) G Walsh Directoi (aplt 17.11.2023) REGISTERED OFFICE Cenw House Brunel Rwl Wakefield Wesi yo$hire WF2 OXG RECI8TERED colANy NUMBER 11217058 land0d Wales) REGISTERED CHARITY NUMBER 118(M)81 AUDITORS Richard Smedley Liniited Chartered Accounlanis & Regitred Audit(¥5 Richmond House Laiimsivo(xl Business Park Redvers Close Leeits West YoTLshife LS16 6QY KEY IIAANAGEMENT PERSONNEL tlthpinder Gill (Head of Foundaiion)
Caril Facto F undation Drt of the'l'ru5te¢5 foi. the Year ED(led 31 Januar , 2024 The Inistees ivho £lre 1£10 directors of ihe Chatity, for the purtM)ses of the Conipans Act 21X)6, preseni their report iviih the financial e1]IentS of the chiGrit)' for the year ended 31 Janual). 2024. The rnses have thpled the provisions of Accounting and R¢porting by Charities-. Statement of Reconmiended Practice applicable to charli1 preparuig tlieir ac¢ounls in accoi'daiic¢ i%itli Ilie Financial RertIng Standard applicabk in rhe UK and Repilblic of Irelamd IFRS 102) (effectiv¢ I Janua)), 2019). OIIJECTIVES AND AcfiiqTIES ObjectiTre5 aims The Foundati(Trn's objects 8Te to fither such charitable PUqK>ses (chatitable u1t1 Erolish law) 0$ th¢ tAle¢S 5¢¢ fit from tiino to time. The Foundatioji has three core fiiiiding aniis. as folloivs= Mxleh nd. provides motching funds for money raised by Card Faciory cdleagues for Ilgritable causes Local com7111). Fund= Allwales grdnt funding to local community 5ervict4 clwitable causes. and iielfate iieeds all over tlie U K Lile Moments Fund: A miilti-)'eAr grnnt 5UPEK>rtJg a d¢signated charity p8rtw tocrvdte la5tinu' llnpact. T]ie FoLindation fvlfiL% ils funding objectives thrl7 the folloiving Ineans- Providing gt2nts or doiiations to charitable causes. Matcl)ints fidS for inoney raised by Card Factory PLC colleagues for charitablepuTrx)ses' Extending support, itheiher financial or othen*'ise. Io Fwjects thar impyove lives; The FoiLndalioTr ii'ill not 511PFth= Aclii'ilies conducted b). public b(Klies or organisati¢)ns coiitracied to provide puNic services their belialf,. Projects iviih a polilitral diniension; Projects tliat. in reasonable opinion of the Tn]stee4 could damage the Chariws ry&uVdrio An). iion-cliariiable piirposes When revi5.7n8 Ilie Chpriti's aill15. objective5, and futurr aclii'itie5. tlie trumees rtfer 10 the Charity Coiiinii5SiOJI'S bFeiierLI gui(L2nce 01) piiblic benefii,eiisurinLTr Iliat all plaiiiied acliYili¢s plign i%"itli ilie Foundali(x]'s established goal5.
Card Facto
. Foujidation
ort of the TrLl5tee5
ror the Year Ended 31
2024
STRA TEGIC REPORT
Acliies'ement and performAnee
Cliaritable aclivilies
T1 year 2023124 IaS one of revi1. and sttate(Tic development for the Foiindati(m. as ile fttiised on esiablishing a solid
Foundaiioii for long-temi fujancial sLqbility' al governance. This inclied ihe InitntatiOn nf best practices, goveman¢¢
iiiiprovements, re-evaluatÈon of oiEr poSe. Ivhich is to "Help people and coInmiinities at moments that rnatter." As
part of Ihese efforts. iTr'e made the decision io Close ih¢ Hardship Fund. We also cmtinued i%'ith Malcli Fundiiig proywn
and lield a Trnstee Strategy Developnient Day 10 refocus on wr long-teTm thj¢ctives.
In 2Q23124, tlie FoldatIOn dthlai £108,856 to charirable rau5e5, charitsble causesgnd local Conmiunities.
Key hiL¥hlights include..
Mfytch Fiinding: ive proudly maiehed 24 This pn)gtam has enabled Ihe Card Faclot). PLC colleauiies lo
aiiiplify their chatiiable etTorts, SUT41rtg caSeS thai matier niost to them Maki a sÉgnificant difference in
their communities
Hardship Fund.. Tliouoh noiv closed. the Hardship Fund provided suprt thro1h0 IIK year. This fiind ivas
instriiinental iii offering financial assi5tatKe to Card Factory PLC colleague5 hcing life changing events Liiarded
to lose in need
Ti'ustee Strnteg). D-t10pment D#},: In addition io maintaining Ixir exisiino fithdin? ptrjws, lie held
Trustee Strat¥gy D¢v¥lopTri¢nt Day, iillere i*¢ revieiY¢d our goals and fill1dg str¢suns. ¢n511ring th81 i%¢ ltinhin
ligned ii'ith Oilr mi%siot] and prepa red for l(x)g-temi sijstainability.
LkIng ahead. Ive ren)ain cominitted to empoiyering Eoth communittes at Card Factiry PLC colleagu¢s ive serve ihrough
ii'ell-stniciiired and Émpacifiil fundin
progranis. We ivill continue lo build on the str(Mg F1tiOn laid iliis J'eaT. ensllring
that oiir resoiirces continue to create Meingl, lasting change.
F-unilrxi5illg actiTritie5
Tlie Cliarity dIS not carry out significant funth?ising activities ald does use professio11 fUnth3l5e.
Finaiici¢?I rei'ieii.
FiiiAncial p0511io
The Foiindation's principal sou]re of luIidino is Sportsiiift Limitrf a subsidiry of Gird Factor), PIC. Montlil). cash
donalioiis are ¢alciilated based on Ilie ptoctt& of &ile of the pla5ri¢ carrier i%qqs sold in the Card Fxlory PIC Slore5. The
Foiiiid
Card Facton. F ort of the Trustees for tILe Ye r Eii(led 31 Januar 2024 STRATEGIC REPORT Principal risks uncertainties The Trusiees hav¢ yjerta.Cn a comprehensive assessmeni of ihe maior risks io the Fo110 is exposed. evalimling Ihein based on boih their probability ar]d wenlial tfflpact. Th¢ B(yJrd has ad(yted TTriligalion slrategies in all8r)ent iviih tliE Foiinddlion's risk iolerance, [d these measures are dixiimented u] a regularls ti5k gIster. iipdat¢d and approN'ed a1lIa11Y. Wien neeessary, the Foilndaiion has impleiiienied sjsrems and cedureS to effeclivelj ldre$S these identified risks. The Follndation Director contittually nioniiors flucumtions in risk levels aNI tk emergence of risk fact5 thai ¢ould poieniially affect the FoLindation. promprty alertints the TLSt5 to an). concen&. We have idtntified and are actively addtessing the folloiving top three key risk arvd Operational Risk - Ke}. Person DepenileDc)." We a¢knoiTrledg¢ the inipjrtatice of our staffs eXtLS¢ and exrtrience in our initiatives. The loss or extended absence of a k¢y t¢wii meniber could hindei project SiiCC¢55. To niitigyate tliis I'isk, tl)e Card Factory. Foiindalion ivill impl¢meiil strong internal ¢tr0]S folloiving Chty Commission giiideliiies, ensuring the duties and respon5ibilili¢s are olear and ensiire wlicies and ptrtess ate (k)tunited for all follndaiiThi staff to continue operaiiiMI5. Finaiicial Risk. _ Iiicome Depend¢nc)'= In rkyognis1(F ihe paramount imp)rtancc of futhncial stabilil) and lr histori¢Jl dependence on limiied fuiiding sources, li'e are activel}, addressiiig tlie f]Cial ri OSS7ted ivith ans, Potential IEdiiction in tljtse incoine streiltns. We are dii'eTsify'iiig our fw)d5 Thrgh investment and activel), nianaging resoiirces to fftciease graiit-Inakin8 activity. These nieasures enhance 01 finartial resilience, ensur1 contlliued sllpp for vital charitable inilialive5. OperAtioii%l Risk - Internal Frniid: unii'averino commitmeni io 1[ansprA¢). and integrity dTives u5 to activel), ni8nage uilenial fniid Tisk"s. We i%'ill develop a safeguardwg polic),, offer staff trdining and ensure robust rewiing sysien)s and seciirity Iiieaslires rtr¢ in plac¢ to aikJres5 this ri5k-, tl)ereb}' proteciing our operatims and financial integrity. By proa¢iiv¢ly addressing these key risk aieas, li'e aim to 5afeguatKI the lounthtton'5 rnissi and eiwre our coiilitiued abiliry to iiiake a ta)sitive and lasting inipact on the CommillEtS I.¢ setve. FutLir¢ plans Tlie Cl)arity ack't)oivledges its ongoing incoiiie souwes. incliiding revenue froni the &ile of carriu IM¥5 and otlier agreed cl1( ilclbl¥ fiiiidraisuio initiatives throiioh Sportsii'ifi Limiied, a subsidiary, of Canl Factiry Plc. In late 2022. a conipre1ieiIye stiiiegi¢ 1)d operaiional revieii. of The Card Factory Foundation toniTnented, i¥hich roi]clu(kd in 2024. Th], throu¥l)out 2024. tliis reviwi. ceiiired on the iniplementation of a iieii. manageineni snucllire and tlie refinenieiit of ke), policies and processes. LkInts aliead 10 vdrl). 202), OLir Foiindaiion is acii¥el)" pleTl& to in[rLiCe ali evolved giai)t-n)aLbiig stTrie¥)'. ffliis neil" %traieg)' iiill tmphasise a Ihoroiigh 111110n of Ihe Telev]¢¢, deliver),: aiid u11t of our Iliree core fiindiiits jiiis. Tlwougli these s(niegi¢ etTorts: li'e aini to eJiha])ce the ¢ffecii¥ffliL%S of oui gtant-niak.ijig activities to cliclriiies aiid fiirtlier oiir conimiinienr io inaking a lasting dilTerence in our ¢oniniuDiiie STRucfuRE, GOVERNANCE AND MANAGEMENT Goi'ei'ning Ilocunieiit The cli£irii)' is conii"olled b}. it5 goyerninu dfjKiiment, a deed ofinisi. and eonstimtrs a Ilited ClP3n)., lii)iiled b). siiiannlEe, s defiiie(I b>, Ihe Coi)Ipanies Act l(K)6. Risk DiThnageinciii Tlie Ii'iisiees lillve dul}. to ideniify. aiid revieii. tl)¢ risks to ii.hich the charity. i5 eiw)sed and io elil appropiate controls 1re iii p141ce lo profv'ide reasoi)able aS1ranCe aainst fillud and etTOr_
ard Fa¢to
, Foundation
01-t of th¢ l-rustees
for the Year Ended 31 Janu% . 2024
STRUCTURL GOVERNANCE AND MANAGEMENT
The Foundgtioii is a cliaritable company liniited by guarantee, incorpLfdted at C1panIeS H(xrse on 21 FebtURry 2018 and
r¢gTistered as a charit), Ivith ihe Charity Cotnmissiixj f( England and Wales 26 Septeiiiber 2018. The Foiindaiion is
govemed linder its Articles of Association (as adoted 011 I I September ?024) ii.1iichest&lished ils objects aNi poii'eTS.
The directors of tlie panY are £llso charity Irustees for the puw¢s of charity. All this give their time volwhtarily aiid
received no beiiefils froi)I Ihe charity-
Managernent of the Foundation
)e Fouixlatioi) is ch¢lired by Brian Warin& ivho brings a iyealih of experien frorn previous board-level niatketing
position5 and ¢li.1ty. Toles. Oiir Bou& d OF Trustets a150 include5 Susan Glass. Roivry, Georgia Walsli, Jo Thorbum,
Siephanie Steele, Vicky Braniley aiid TOIFI Coppin.
The day-t&day nIanageellt of the FoundJtioll is oY¢rseen by Pushpints Gill, Ivho aswn]ed the role of Head of Foulldation
in Jiily 2023, Tesponsible for ensuring the Foundation's etTicient 0ratIon. Shpin(r and her ie8m propos¢ grniit
recominendations to the Tnlsiees, adhering to established graAI-mak"Ang policies and an atoroved sche4Jic of aulliotity.
Api)ointinent of trustees
The Articles ofAssociation support a minimimi of thtee Tnisiees and a makimum numberof iivelve.
The tnistees are appointed in accordance ivith the PTovisions outlined in the governing Articles of Associaiion.
Recruitment Process.. The recTuilnienl of n•v Tn]stees is conduded throug]ia skills-tosd apwoach. This
involves identifying ws in ihe cunyni Boar(fs expertise and seeking IndividlS i%hose skills, exrIence and
values align ivith t h¢ Foiindatiots's strniegie priorities. CandidtS are identifitdthrou¥h ot*n advertising via di¥itftl
platfornis.
Appoinlin¢nl Proce$5= Tslee5 ate appointed by the existing Trustees as perknicle 7.4. All neii,"In15te£s niusl
expressly acknoii,ledge their acceplancc of the iole, a5 ycified in Article 7.5, kfore th¢irappointnienl becolli¢s
effective.
Con5titiitional Proeess = The apEKTrinimeni of Tnis(ees is conducied in Compli¢t %%'ith theArticles, en5uri]ILJ the
total IiLiiiiber of Ttuste es d(xs not eiceed die inaiimlllli specified IiTnit, as led in Article 7.6.
Truste¢ Inductioii and Traiijing
Neil. Trustees
CArd F#eto . Foundation Re )ort olthe Ti'ustees for the Ytrdr F.iid¢d 31 Janua ' 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES- conlinued Coiiipany laiv reqiiires Ihe tnistee5 to prepare fantIal statements for eKh fin11 syar iihich give a true and fair vitii. of tlie sraie of atrairs of the charitable coInpany and of the inroniing re5wrce5 and arplication of roources. including the incoine td expendittire, of ilie clfftrilable co]nEMny for that rI. In waring those fjnmcial slatellien the Iru51Ee5 are requed lo select 5llltable ac¢oiinting policies and then appls, theni consistently- obseri'e the Iiieihods and princtples in the Charity SORP,. n)ake judgenients aiid esiin)ates that 8re reasonable aiid prudent. prepare tlie f31)Cial statements oji ihe going concern basis unless it is inatvrowiate to presume that the ¢liarilable coi)Ipaiiy ivill coTrtiniie in busi$$. The trIle¢S arE re5POll5ible for ke¢ping prOr accounting recL¥ds ivhich disclose ivilh rea50nDbl¢ accurw. al anj liine the rjnancial wsilion of the charitable company and io enable the to ensure that the fjnancial ststenients con)ply ii'ith the CoillpLiiiieS Act 2006. The}, are also responsible for safetsuarding the assets of the chari(able coiiipan5' and lience foi. taking reasL)nable steps for the prevention a1 detection of fraud and her inTgularities. In so far as the tnistee5 are aii"are: theTe is no relevant ¢iudit infoniiation of ii'hich the chaJiiable companys auditors we unaivare- and tli¢ tnleeS l)ave iaken all sreps That Ihey OUJD ti to have taken to make ihemselvts aiware ofany relevant audit informarion and lo establis]i Iltht tlie auditors are aivare of that information. Repoit of the trustees, incory)otaiing a stralegic Iyport, appnbved by of the ix)ard of trustees. as the cotnpany director4 oji 29 Noieiiiber 2024 aftd signed die l)oatds half by.. B N Warlli¥- Tnistee
-Report of th¢ Indep¢nd¢nt Auditors to the Memr5 of CaNI F#¢toY , Foundati Opinion We Iiave audited the fmancial statements of Card Factory Foundation (the 'thariLgble cwnpany) for the }ear ended 31 January 2024 Iihi¢h comprise the Stgtement of Financial Activities, the Balajce Shttr. the Cash Floiv Statement c1nd notes io the fmaiicial siatemenis, incliiding 1¢ sununary of significant accounttng PiCi¢s. The fanCIal iewrting frnnieivork that lias beeii applied in Iheir ptepic ntion ts applicable laiv and Uniied Kingdorn Accounting Standards Iuniied King Gene]xlly Accepted Accnting Pracli¢¢). In OLir opinion the cial siatenienis: give a true and fair viei%' of ihe state of the charitable company% affairs as at 31 Jmuffy 2024 and of its inco1lg resources and applicaiion of re50urce& including ils income and expendilute. fortbe year Iheii ended. haye been properly ppared in accordance ii'ith United Kingdom Generally Acccoed Attolinting Practice. and ve been pretktred in accordance iyiih tl]e requireinents of tlie Conipanies Act 26. Basis for opiiiio We Condted ow audit in accordanee iyith InrematiOTJal Standards Auditing (UK) {ISAs OJK)) And applicable laiv. Our resw)nsibilities linder tliose 5tttndards are fvrther descrid in the Auditors. resFfflsibililies for the audit of tl)e financial siatemeiils geciion of our rewrt. We are independeni of the charitable mnpan> inaccordance iviih the ethical r¢quwenients tliat are rele111 to our audit of ihe fInarla1 stcltements in the UK including the FRCs Ethical Siandard, and i¥'e Iiav¢ fulfilled oiw other ethical responsibilities in accordance 'l these requireinents. We Ixlieve that the audit evidence ive liave obi£iined is sufticient and appropriate to wovide a basis for our opinion. Concliisions relating to goine concern In aLiditing the f1[lc]a1 siatenients, li'e have concliided ihai the tru5tees' use ol the going eoncem bagis of accthiiiting in the preparatioD of the financial Statements is 41pproptiate. Based on the ii'ork li'e have perfoniied. Ive have not identified any material uncertainties re]aiing to evejits or conditioiis that, individiiallj or coll¢clively, may east SI11r•¢an1 b[ on the cljariiable ¢OTnpan)'s abilty to continue as a going concem for a period of at leasl tivelve D)ODths from ihen the financial 5tatanenls art authorised for issue. Oiir responsibilities aiid lh¢ resp0Tr5ibilities of the tnLsiee5 ivith rttpect io going cCE are de5cnied iIi tlie relevailt sections of ihis itwrt. Otliei- inforiiintioi) The trLislet5 are iesponsiThle for the other infonnaiion. The other inlonnation cfflipri5es the inforniation incliided in the Al[la[ Report. otlier th*lll the fi[11¢la1 slalemenis and our Re1 of It Independeni Audito ille0. Our opinion the finaTKial ten)ents d( not cover the her infomTration an(L except to the exten( otheni'ise expli¢itls stated in our report, li'e do ntri express wi), fonii of assiirance conclusion ihereon. In coi)Jieelioii ii'iili our aiidil of tlie fjnancial 5tatemenis, our responsibilit) is to tk other infoniiatitTrii and, ui doiiig so, oiisi(kr ii'lieilier Ilie otli¢r infoniialioii is niattriall}' inconsisieni ii'iili the fujancia15tc11eii1lts w (ur k'iioiiledoe olmciiiied in tlle aiidii or otlieni'i5e app¢4trs lo be nialeriall). Inissl.2tttl_ If li'e ideniifj. such niwerial iIicoE15151eiicie5 01 ppareiil iiialerial n)iss11c teinents, li'e (ire reoiiired 10 d¢ltTmine iihEilier thi5 bFIV¢5 li5e 10 li maiertal mi55talenieDI in Ihe fiiiancial slaleiiien15 tliemselves. If, based on Ille ii'oi&- 11¢ have perfonned: li'e conclLide Iliai ihere is a material iiiissiatenitht of ihis other iiifonii421ion. li'e c2re iEquittd to Itport Ihat fact. We hi¢ I'e notliiiLQ to rewrt in Illi5 reg3rd. Opiiiloiis oli otlier ni#tttrs pi'cscribed bi. (he Conipanies Act 201 Iii oiii. opiThioii, based 011 Ilie ii-oik (Iii(ledclk-eti in The course of tlie audit: Ilie infonyicltioii giveii ui rhe Retxyrt ofihe Truslees for the fincIal )ear for ii'liich fantiC11 St{ e411enis att prepattd is COllS1Stent ii'iil) Ilie tincincial Sl21 leinenls; and the Repoit of Ilie Triisltts hcls beeii ryepared in 14 ttor(km¢e ii.iih applic{le lexal tequireineiit&
Re Drt of ihe Inde endent Audito to the MembEf5 or CaNI Factoi. Foun(latio Matters on ivhich w'e are required to rert by eiception In Ilie light of the knoivledg¢ and undentanding of the charitable con)pany and its tnviionment obtained in the coivse of the aiidit, lye have not identified maierial misslalenioils in the ReIKKi of ihe TNstee5. We have nhIng to report in respecl of the folloiving nwtters ivhere the Comtonies Ad 2LXJ6 requires us to 10 you if, in 1r opinion.. adequ&te accounting records hav¢ not been kew or tIlmS atsquftte for our Hjit have Ft¢n re1Ved from brdnchE& not visited by us,. or the funCIal stal¢ni¢nts are not in Ic grttment iyith the acc(MtIng records and retums" or certain disclosiires of ttiisiees. reniuneration spe£ified by laii are made- or Tre tkive not received all ihe infOntIon and explanations li'e require for ouraudil. Rtspottsibilities of tnislees As explaii)ed Itiore fiilly in the Statement of Tntee$. Reswnsibilltl the tnLStee5 (litho are also th¢ dirertOTS of the cliivililble coiiipany for the puryx)ses of compan), lai%') are reSpS11e for Ihe prqMral1 of th¢ fmancial 51ateni¢nts wid for being satisfied that they give a twe and fait vieiy, and for such inietnal control as ffiisle deternine is necessary, to enabl¢ the preparaiion of financial sialement5 that fire from material mis5tatemeni ivhether dlle to fraiid or error. In preparing the fmancijl statements. the tnjstees aff reSp(si1e for assessinib die tharirabk ¢4)mFonys ability lo contiiiue as ll goiIig concern. disc105ing, s applitable, Thatlers related to going ¢owKem and u5g the going con¢ertL basis of actounting unless tlie trusiees either inteT]d to liquidate the charitable c(1panY or lo cease orffjtl(s. or have iio reali5ti¢ alternAiiv¢ biit to do so.
Re oi't olthe Inde endent Auditors to the Metnbe of Card Facto Fouiid£2tlDII Our respon5ibililies for the of the financi81 slalemellts Oiir obje£iives io obtain reasonttble assurance alx)ui i*hether the rtnatKial $eMentS as a ivhole are free from Iiiaterial misstatement, Ivhetlier due io fraiid or eTTh)r, and to issue a RerKbrt of the Indep]ent AuditoB that includes OLW Opitiion. Reasoiiable assurance 15 a high level of asifdnce, I1 is noi a guardntee that an widit condwled in acCoan¢ iviih ISAS (UK) Ivill alii'a)'5 deltct a terial nitrIen7enI ii'hen it exists. Misstatetnents can arise from fiaud or error and are onsider¢d material if, dIvidUally or in the they could re350nablv be expected 10 2ntluence tlie ¢conoIiiic decisions of users taken on the basis of these fantIal statements. The extent 10 ivhich our procedLire5 are capable of deleciing ittegulariii4 including fraud is detaikd kloiv.. - Ihe nature of the indushy and sector. control environment and bll5iness perfoTmatK¢", resii115 of our enqilities of Ihe Inlslees aboiil their oili] id¢ntificarioii aJ]d a$sment0r the risks of inygularities. any 111gtters ive identified having obtained and revithtred ihe foundaiion's dUMentatIon of ther policies aiid PTo¢edures relatllig to.. identifyiiig, ev&luaiing and coniplyinL? ii'ith ]aivs and regulations aTKI iv]iether thry ivere ali"[¢ of any instances of non-compliance. delectiiig and respoiiding to the risks offraud and iithdher i1Y have knoivledge 0[Y al. suspected or alleged frau(L' As a result of tliese pryx¢dures, 11¢ c¢)nsidered the OPFA)rtwiilies and incentive5 thal may existivithin the oi¥anisaiion for fraud and identified the greatesi entIal for fraiKt in relation io Venile rec(pniiion. In ClMlUilOll ii'ith all udils ullder ISAS IUK), li'e kwe also iequired to perfotm specific pr(Kedure5 to p(d fo iheri5k of nianagement oveffide. DLie io the nature of the organisation and the nunlir of transaciions taking pl dwin# Ihe peri(xl. Ive have individiially inspected each transaction and assessed tlie risk of fraud asKlad ii.iih each. We have also liaised ililh Foiindatioll Eind received miniite5 &nd d{U117entaIIon for selected and material dgn21ions made duriTrg the year ttTr nF)I th¢ don¢ltions ii'ere geniiine and no fraud h1 taken place. We also obtained an und¢TStanding (Trf the legal atK] rtgulatory fiZnI¥0rks that the follndation otxtates in, f(Kiisiiig on provisions of those laIS and regulaiions that a direa etTect on ik¢ deieniiinalion of Iiialerial aiiioLUItS 4111(1 disclosures in the finaiKial siaiemenis. The k'ey laiis and rebFulations li'e Consklettd in ihis ¢oi)iexi included the UK Comp¢?iiies Act, UK Charitiff A¢¢ UK CoTporale Governance C(xle and l(Thl t legislation. Iii addition, Ive con5i&red provision% of thher laii's and rtgulations thai do not have adire¢t effect on the fiiiancial s¢ateTneiits but rompliance ii'itEi ivhich inay be fimdamenial to the fotl'S ability to operate or to avoid n)aterial nall>.. A fiTrrtlier dtscriptioii of our iEspoi)sibililies for ihe al11 of ihe fin)c l)cial siaienienis is lorated ¢)n tlie Fiithncial Rep)rtinr7 CouIicil's ii'ebsile c2t iviiTri'.frc.org.uk/audiioT5T¢sponsibilities. This descripiion fonn5 t&rt of our R¢Jx)rt of th¢ lild¢'1}dent Aiidilor
Re
Drtoft
t Auditors to Ihe Membtrs of
Foiindxlion
Use of our report
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Card Facto Founilation Stat¢illeiit of FivanciRI Artivi¢i¢s Incor oratin an Incoine and I for tlje Year Eniled 31 Jaiiua 2024 diture Ac 31.1.24 Unrestricted ruiid 31.1.23 Tolal funds No(es INCOME AND ENDOWMENTS FROM Doiiations and legwies 1,497205 1,440.098 EXPENDITURE ON Rai%Éng funds 110,187 Cliai'itAble actii'ities Cost of athliinistering the Foundalioii and don&tioiis 201,444 Total 201.444 110,187 NET INCOME ,29S761 ,329.911 RECONCILIATION OF FUNDS Tot1] funds broiighi fonvai"d 3.679,314 2,349,403 TOTAL FUNDS CARRIED FORWARD 4,975,075 3.679.314 Tlk. notes toni) w ofthe5e tiiianci&11 statemeills Pdcv¢ I I
CAIMI Fa)e nlAnce Sliett 31 Janijid 2024 31.1,24 Unrestrieted rund 31.1.23 Total fuiid% Noies CURRENT ASSETS tkbtors Casli ai bank 10 518,229 4,463,776 281,490 3,413,396 4.982.005 3.694.886 CREDITORS nl1]t5 falling due ivithin one year {6S30) (15,572) NET CURRENT ASSETS 4,975,075 3,679,314 TOTAL ASSETS LESS CURRENT LIABILITIES 4,97&075 3,679,314 NET ASSETS 4,975,075 3,679,314 FUIYDS Unrescricied funds 12 4.975.075 J.679,314 TOTAL FUNDS 4,97>,075 3.679.314 ie financiiil SlclieJi)enls li-e approved b), Ihe Boatd of Tnjslees and auihojised for issue on 29 Noyembei 2024 wid il'ere sigiied oji 115 bE11111(b)': B N Waring- Trustee )e noies lonii Emrl of ihtse tinancial siaieniLXAs Pai*e 12
Card FJc¢or Foiindation Ca51J Floiy Statement lor tlie Year Endeil 31 Janua 2024 31.1.24 31.1.23 Notes Csh ll0115 froni operating activities Cash gen¢rated froin operaiions 1O50J80 1.5SI.530 Net cash wovided b)ff opeiaiing activities I,OiOJ80 1,581,530 Cliangt in cAsh &iid eash equil'altnls in the rew)rting period Cash aii(J eash eqiiii.a1ets at Ihe begiiiiiin of ihe reporting period I,OiOJ80 1,581,530 3.413J96 1.831.866 Cush cash eqiiii'alents at Ihe end ofthe reportitb£ period 4.463,776 3,413,396 The iiotes fomi of these finic ncial siatemeNs
CArd F%etor ' Foundation Noles to the Cash Floi%' Sial¢nient lor the Y¢ar Ended 31 Janua , 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.1.24 Net income for the reporting period per the Slatemene o[FimaClal Aetii'ities) Adjuslnieiits lor: Ilncrease).IdecreiiS¢ in debtors D¢¢rease in creditors .29&701 .329.911 (236,739) (8,642) 400,077 {148,458) Net rash proiided b), operations 1.050J80 1,581.530 ANALYSIS OF CAANGtS IN NET FUNDS At 1.2.23 hfloi At 31.1.24 Net cJ)$h Cash at bank 3,4l3J96 1,0SOJ80 4,463,776 3,413J96 1.050J80 4.463.776 Total 3,411396 I,O?OJ80 4A63,776 The Jigle5 part of these fincincial srarenieNs PkLlt 14
CANI Faeto Founda Note5 to the TriiiBncial Stat¢Dients r the YtAr Eniled 31 Jfinua , 2024 ACCOUIYTING POLICIES Basi5 of preparing the financial st%lemeThts The fancial staleinents ol the charitable compan).. iihich is a public IKnefit tnlity under FRS 102, have len prepared IEI accordance I1th the Chariiies SORP (FRS 102) 'Accountints &id liew>rtino bi, Charilies= Stateiiienc of Reconiniended Practice applicable lo chariiies wepariiig their accthints in accor(Faice iviili the Fiiiancial Re]xkrting StaNdYd applicic ble in tlie UK and Republic of Ireland IFRS 102) (effeciive l Janiiary 2019)., Financial Reporting Siclndard 102 'Mke Financial Reporting Standard applicable in the UK and Rewblic of Ireland. atid the ConlnIeS A¢t 2(K16. The financial sthiements have been prepared linder the historical cost convention. The financiill statements are presented in SrI]ng (£). Incoiiie All income is recognised in the Statement of FinaT)cial Activities once the charity has eniiilemtnt 10 ilie fimds. il is probable tliat di¢ uicoine iTrill r¢¢eived and ihe am1[ can meaAired relobly. Expeiiditure Liabililies are recognised as eXid7[re as soon as Iliere is a legal or conshiclive obligation committing the charity to IlTral eXnditure, il is piypimble iliat a irdnsfer of economic benefiis il'ill be tequired in settleIi)ent and tlie amouiit of the obligation can be ineasured ieliabl).. EAldItUre is a[Ulted for on An &cernals basi5 &id lias len classified under h¢[ingS that aggregate all c05t r¢latcd to the ¢aiegoD'. Wl)ere costs cannot direcils attribiited to pamicular huduigs they have been allocated io aciivities on a basis consistent iviih the of resources. Allocation an(1 apportioninent of eosts Expenditure is apportioned ii'here it relares to more than one COA caregory. Tr metFKKI of apix)rtionmeni uses tlie niost Rppn)priate basis in each case. Taxatioii cliarity is exenipt froin co4)mlion tax on its charitable activities. Fund accoiinliiig Untesiii¢ied fui)ds can be used in accordance ii'ith the cliaritable objectives atht discreti of the tnjsiees. Further explanation of tb¢ nature and pUr[K of each fund is included ll) ihe Dt>te5 to the financial statlleI5. Debtors, creditors and cash cash eqiiii'altnts Debtors aTid Credito iviih no sL?led interesi rate and receiN?ble or ab]e iTrithiii }rar are recorded al Ir&isGiclioii price. kniy losses cirisiiio (rol iiiipainneni are recoL¥nised in e.itthiiture. Casli is represented bi, deposiis ii'iih fiiiancTral in51ittilions. Pag¢ 14
CaThl Facto Foundation Notes to he Finttticial SlateineRts- continu1 or the Ye%r Eiidpd 31 Janiia ' 2024 DONATIONS AND LEGACIES 31.1.24 31.123 Donatioiis 1,440,098 RAISING FUNDS Ralslng donations and legacies 31.1.24 31.1.23 SItPPK>rt costs 110,187 CHARIT ABLE ACTIVITIES cosrs sUprt ¢osts {see note 5) Cost of administering the Found1tion and donations 201,444 SUPPORT COSTS Governanc¢ CD5ts Monag¢menl Finynce Totsls Cosi of adn)inistering the Foiin(kiion and donation5 180.713 356 20J75 201,444 Supw)rt cost5, incliided in the above, are as folloi¥s= 31.1.24 Cost of Iministering the FoutKlation 31.1.23 T(rtal activilies donatI1S 641 434 77,204 IS216 10,701 31 3,500 2,000 Siiii(tries Donations Adniiiiistraiive alpenses coiin51111lc Ilc). fees ii)K' cliar¥ses Aiiditors, relnunerniil Aiidirors, reii)Iiner£oiion for noii i2iidit ii-ork. Leby¢11 &. Profcssioii<11 fee5 682 9,919 3)6 8233 2.0 10,142 201,444 110.187 contiiiued...
Card F#clor ' FoiindAtioii Notes t ilie Fiiiaiicial Stateiiients continutd lor the Yei)r Ended 31 Janiia , 2024 F4ET tNCOMEIIEXPEf4DITURE) Net inc(Nn¢l(¢xpenditure) is sraied after Chargin(credi[1jlg)= 31.1.24 Jl.1.23 Auditors, reniimeraiion Oiher nonludi¢ services 8233 2,000 3,500 2,000 TRUSTEES, REMUNERATiof4 AND BENEFITS There ivere no tn15tees' remiinerniion or oiher IKnefEts for the year ended 3 1 January, 2024 nor for Ilie year ended 31 January 20)3. Trustees, expenses There ivere no tn15tee5' expense5 paid forthe }ear eniled J l January 2024 fthe Jear¢nd¢d 31 JanLW 2023. STAFF COSTS The avernge nUMir of emplo>tts for the peri(Kl li'1$ 2(2023- 1) COI¥IPARATIVES FOR THE STATEMEiif OF FINANCIAL ACTIVITIFS UIeStr1cted fuiid IriCOME ANI) ENDOIVMENTS FROM D11 lii)ns aiid legacies 1.440,098 EXPENDITURE ON Raising fiind5 110.187 NET INCOME 1,329,911 RECONCILIATION OF FUNDS Total fiin(b brouohi lon%'ard 2.349.403 TOTAL FUNDS CARRIED FORWARD 3.679,314 Paile 17 iiiiiied...
Caril Factori, Foundation Note5 to the Financial Statem¢ntS- Colltinued oj. tlie Yeai- Elided 31 Januar . 2024 10. DEBTORS: AMOUNTS FALLIP4G DUE WITHIN ONE YEAR 31.1.24 31.1.23 VAT Accnied income 24,269 493.960 24,269 2j7,2Jl SA&229 281,4 CREDITORS: AMOUNTS FALLING DUE WITHlf4 ONE YEAR 31.1.24 31.1.23 Ac¢rned expthis¢s 930 15,572 12. MOVEMENT IN FUND5 Net ni0venit in fiinds At 31.1.24 At 1.2.23 Unreslricled funds General fund 3,679Jl 4 1291761 4,975.075 TOTAL FUNDS 3,679J14 1291761 4.975.075 Nei inoveinent iii funds, included in the above a5 folloiYs= Resoiirces expend1 move1)[ in fiiiids x]r¢e5 Unitsti'icted fund5 GeirYEI1 fiiiid IA97305 (201.444) 1.29S761 TOTAL FUNDS IA97,205 1201,444) 1,29>761 CoiJipllrptii'¢T for moi'cmenl in fiinils Net move1¢t At 31.1.23 Ai 12.22 Unrestriettd filiids Geiiei?l (uiid 2.349.403 lJ29.911 3,679,314 TOTAL FUNI)S 2J49.403 1329.911 3,679,314
Card Facto FoiindHtion liotes to tlie Fiiiaiicial St3t¢inents. Continued ror the YeAr Ei)dtd 31 Janiigr, 2024 12. MOVEMENT IN FUNDS- ¢ontinued Coinparnlive net mov¢iiieni in fiinds, included in the above are as folloiv5= Incmiing Resources expended Movenieiit in fuiid5 Unrestricted fllnds General nd 1,44Q098 {110.187) 1.329.911 TOTAL FUNDS 1.44Q098 (110,187) ,399,911 A client year 12 Inonth5 and prior )'ear 12 month5 combined wjsirion is as folloiis= Net moveiiieiii in ndS At 31.1.24 Ai 1.2.22 Unrestrieted fund5 General fund 2J49,403 2,625,672 4,975,075 TOTAL FUNDS 2.349.403 2.625.672 4,975,075 A ciirrent yeaT 12 nionths and prior )'eat 12 monihs combined net movenxnt in funds, inc]uded ll) tli¢ abov¢ ftre as folloivs.. In¢(x)iiiJg R¢Sir(e5 exwi(kd Moveine]it in funds Uni'esti'i¢te(I flind5 Genenl fiind 2,937303 {311.631) 2.62i.672 TOTAL FUNDS 2,937J03 {311.631) 2.625.672 Pacve 19
Car([ Fae Notes to the Finaiieial StaleelIt5- COlltinue<l for tlie Year Eiilled 31 Januar ' 2024 13. RELATED PARTY DISCLOSURES The trustees eonsider Catd Fac(or)' PIC to a related patry as Card FouThJation derÉve5 all its income froni Card Factory Plc. Iii Ilie j.e. Card Faciory Foundation received £l,497205 in don*ions from Card Factory Plc. Ai 31st Jlliiuary 2024, £493,960 of d(allonS iyere outsthnding Card Fact Plc. These i%'ere received afier the ).e end. 14. POST BALANCE SHEET EVENTS The fftisiees consider there are no post balance S&et event5.
Detailed tatenient f Financial Activities for thc Ytai. Elided 31 Jaiiuar ' 2024 31.1.24 31.1.23 INCOME AND ENDOWMENTS Don%tions and legacits Donations 1,497,205 1.440,098 Tglal iiiconiing re50uree5 ,497.205 1,440,098 EXPENDITURE Support cost5 nng¢ni£iit )Sian¢t Siijith'ies Donaiions Administrative ¢ipei1se5 CoEinsulianc} fees IJ03 611 434 77,264 15,216 10,701 108,856 59.953 9,919 180,713 104,256 FinAnce Baiik charges 336 431 Gol'eriiaiiee eosts Aiiditors, reii1ieratIOll Aiiditor5' reli11tratIOn foriion audit ii'oTk Le1 & Professional fee5 &233 2,000 10,142 3,500 2,000 20J75 5,500 Total r¢soiirc¢s ¢xTren(kd 201,414 110,187 Net iiieome .294,761 1,329,91 I-I)iS Pci£Fe not fonii phrt of the 5LltiitorJ" financial sWejilI1s Pave?1