2025-01-31-accounts - Card Factory Foundation

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REGISTERED COMPANY NUMBER: 11217058 (England and Wales) REGISTERED CHARITY NUMBER: 1180081

Report of the Trustees and

Financial Statements for the Year Ended 31 January 2025

for

Card Factory Foundation

Richard Smedley Limited Chartered Accountants & Registered Auditors Richmond House Lawnswood Business Park Redvers Close Leeds West Yorkshire LS16 6QY

Card Factory Foundation

Contents of the Financial Statements for the Year Ended 31 January 2025

		Page
Reference and Administrative Details		1
Report of the Trustees	2	to	6
Report of the Independent Auditors	7	to	10
Statement of Financial Activities		11
Balance Sheet		12
Cash Flow Statement		13
Notes to the Cash Flow Statement		14
Notes to the Financial Statements	15	to	21

Card Factory Foundation

Reference and Administrative Details for the Year Ended 31 January 2025

TRUSTEES S Glass Director J Hardy Director (resigned 4.5.2024) N L Rogerson Director (resigned 7.5.2024) S J L Rowney Director B N Waring Director V Bramley Director (appointed 2.2.2024) T S Coppin Director (appointed 22.5.2024) (resigned 4.9.2025) S P Steele Director J Thorburn Director G Walsh Director REGISTERED OFFICE Century House Brunel Road Wakefield West Yorkshire WF2 0XG REGISTERED COMPANY 11217058 (England and Wales) NUMBER

REGISTERED CHARITY NUMBER 1180081

AUDITORS Richard Smedley Limited Chartered Accountants & Registered Auditors Richmond House Lawnswood Business Park Redvers Close Leeds West Yorkshire LS16 6QY KEY MANAGEMENT Pushpinder Gill PERSONNEL (Head of Foundation)

Page 1

Card Factory Foundation (Registered number: 11217058)

Report of the Trustees for the Year Ended 31 January 2025

The trustees who are the directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ending 31 January 2025. The trustees have adopted the provisions of 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) (second edition October 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Foundation's objects are to further such charitable purposes (charitable under English law) as the trustees see fit from time to time.

The Foundation has three core funding arms, all of which were operational during the financial year 2024/2025:

Match Fund : provides matching funds for money raised by Card Factory PLC colleagues for charitable causes
Local Community Fund : Allocates grant funding to local community services, charitable causes, and welfare
needs all over the UK. The first round of this fund was successfully launched in financial year 2024/2025.
Life Moments Fund : A multi-year grant supporting a designated charity partner to create lasting impact. This fund was launched in 2024 in partnership with Centrepoint.

The Foundation fulfils its funding objectives through the following means:

Providing grants or donations to charitable causes;
Matching funds for money raised by Card Factory PLC colleagues for charitable purposes;
Extending support, whether financial or otherwise, to projects that improve lives;
The Foundation will not support:
Activities conducted by public bodies or organisations contracted to provide public services on their behalf;
Projects with a political dimension;
Projects that, in reasonable opinion of the Trustees, could damage the Charity's reputation
Any non-charitable purposes

When reviewing the Charity's aims, objectives, and future activities, the trustees refer to the Charity Commission's general guidance on public benefit,ensuring that all planned activities align with the Foundation's established goals.

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Card Factory Foundation (Registered number: 11217058)

Report of the Trustees for the Year Ended 31 January 2025

STRATEGIC REPORT

Achievements and performance

Charitable activities

The financial year 2024/25 was a year focused on delivery and strategic fund distribution, successfully bringing new grant programmes to life. Building on the previous year's governance improvements and re-evaluation, we made significant strides in achieving our mission, which is to ' Help people and communities at moments that matter '. The successful launch of two new funding programmes marked two major milestones in the Foundation's ability to deliver impactful support..

Key highlights include:

Life Moments Fund Partnership : We successfully launched our first-ever Life Moments Fund in 2024. This multi-year grant programme cemented a major strategic partnership with the youth homelessness charity, Centrepoint. This marks a pivotal moment in our distribution strategy, as it creates a dedicated resource focused on providing targeted, high-impact support to vulnerable young people facing critical life moments and

transitions. The fund ensures we are making a deep, sustained difference in a single, vital area of need. Local Community Fund Launch : We successfully launched and executed the first round of our Local Community Fund. This new initiative was designed to empower our colleagues by giving them the ability to nominate and directly support smaller, grassroots charities, services, and local community causes. By decentralising grant decisions and leveraging our store network, this programme significantly expanded our reach across the U.K., ensuring Foundation funds reach the places and people that matter most to Card Factory PLC
- colleagues.
Match Funding : We continued with our established and valued Match Funding programme. This scheme remains a crucial part of our activity, enabling Card Factory PLC colleagues to amplify their personal fundraising efforts. By matching the money they raise, the Foundation directly supports a diverse range of causes chosen by
- our teams, fostering colleague engagement and ensuring wider impact.

We remain committed to building on this progress, ensuring that our funding programmes continue to create meaningful and lasting change for the communities and Card Factory PLC colleagues we serve.

Fundraising activities

The Charity does not carry out significant fundraising activities and does not use professional fundraisers.

Financial review

Financial position

The Foundation's principal source of funding is Sportswift Limited, a subsidiary of Card Factory Plc. Monthly cash donations are calculated based on the proceeds of sale of the plastic carrier bags sold in the Card Factory Plc stores. The Foundation received cash income in the year totalling £1,369,267 (2024 - £1,497,205).

Reserves policy

The total of funds held at the 31st January 2025 was £5,860,559 (2024 - £4,975,075). The Charity currently has no restricted or designated funds, so these funds are all reserves.

The Reserves Policy was revised and approved by the Board in October 2023, stipulating that the Foundation must maintain unrestricted accessible cash reserves to cover our pledged commitments, uncommitted funds for our grants programs, and 6 months of operating costs and overheads, resulting in the current reserves policy target of £700,000. The Foundation currently maintains reserves well above this target, primarily due to a temporary slowdown in grant-making during 2020-21, in response to the COVID-19 pandemic, and in 2022-23 to conduct a comprehensive strategic and operational review. As part of our 2023-28 strategy, the Foundation is actively managing resources to fulfil its objectives.

Going concern

The financial statements have been prepared on a going concern basis as we believe that no material uncertainties exist.

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Card Factory Foundation (Registered number: 11217058)

Report of the Trustees for the Year Ended 31 January 2025

STRATEGIC REPORT

Principal risks and uncertainties

The Trustees continually assess the major risks facing the Foundation, evaluating both their probability and potential impact. Mitigation strategies are documented in a risk register, which is reviewed and approved annually. The Foundation Director monitors risk levels and new risk factors, promptly reporting any concerns to the Board.

We have identified and are actively addressing the following top two key risk areas for financial year 2024/2025:

Operational Risk - Key Person Dependency : We acknowledge the importance of our current team's expertise. The primary risk is that the loss or extended absence of key staff could hinder project success and operational continuity. Our mitigation plan is focused on building a stronger team and capacity throughout 2025. This includes expanding our team and implementing strong internal controls and ensuring clear, documented policies and procedures are in place for all operational duties.

Financial Risk - Income Dependency : The Foundation recognises its historical dependence on limited funding sources, which presents a risk to long-term financial stability. To address this, we are actively working to make our existing funds work harder through strategic investment to grow our future income. This approach will increase our overall financial resilience, ensuring we can continue to award high-impact grants linked directly to our charitable work and objectives.

By proactively addressing these key risk areas, we aim to safeguard the foundation's mission and ensure our continued ability to make a positive and lasting impact on the communities we serve.

Future plans

The Foundation acknowledges its ongoing income sources, including revenue from the sale of carrier bags and other agreed charitable fundraising initiatives through Sportswift Limited, a subsidiary of Card Factory Plc.

The Foundation successfully implemented a new management structure and refined key policies and processes and this paved the way for the successful launch of both the Local Community Fund and the Life Moments Fund partnership with Centrepoint during the reporting year.

Looking ahead to the next financial year, the Foundation will focus on raising its profile through significant PR and communications activities, a goal supported by the distribution of more funds across our new programmes. Our aim is to launch our new website, which will focus on showcasing our impact.

Furthermore, we will continue to embed and scale these new grant-making streams. This will involve a thorough evaluation of the relevance, delivery, and impact of our three core funding aims, ensuring that our resources are deployed effectively to make a meaningful difference in our communities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

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Card Factory Foundation (Registered number: 11217058)

Report of the Trustees for the Year Ended 31 January 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation is a charitable company limited by guarantee, incorporated at Companies House on 21 February 2018 and registered as a charity with the Charity Commission for England and Wales on 26 September 2018. The Foundation is governed under its Articles of Association (as adopted on 11 September 2024) which established its objects and powers.

The directors of the company are also charity trustees for the purposes of charity. All trustees give their time voluntarily and received no benefits from the charity.

Management of the Foundation

The Foundation is chaired by Brian Waring, who brings a wealth of experience from previous board-level marketing positions and charity roles. Our Board of Trustees also includes Susan Glass, Jane Rowney, Georgia Walsh, Jo Thorburn, Stephanie Steele, Vicky Bramley and Tom Coppin.

The day-to-day management of the Foundation is overseen by Pushpinder Gill responsible for ensuring the Foundation's efficient operation. Pushpinder and her team propose grant recommendations to the Trustees, adhering to established grant-making policies and an approved scheme of authority.

Appointment of trustees

The Articles of Association support a minimum of three Trustees and a maximum number of twelve.

The trustees are appointed in accordance with the provisions outlined in the governing Articles of Association.

Recruitment Process : The recruitment of new Trustees is conducted through a skills-based approach. This involves identifying gaps in the current Board's expertise and seeking individuals whose skills, experience and values align with the Foundation's strategic priorities. Candidates are identified through open advertising via digital platforms.
Appointment Process : Trustees are appointed by the existing Trustees as per Article 7.4. All new Trustees must expressly acknowledge their acceptance of the role, as specified in Article 7.5, before their appointment becomes effective.
Constitutional Process : The appointment of Trustees is conducted in compliance with the Articles, ensuring the
total number of Trustees does not exceed the maximum specified limit, as outlined in Article 7.6.

Trustee Induction and Training

New Trustees attend comprehensive induction and training sessions conducted by the Head of Foundation and existing Trustees. These sessions are designed to familiarise them with the charity, its governance structure, and the broader operational environment.

Richard Smedley Limited, Chartered Accountants, and Registered Auditors, currently serve as the charity's auditors, have expressed their willingness to continue in that capacity.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Card Factory Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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Card Factory Foundation (Registered number: 11217058)

Report of the Trustees for the Year Ended 31 January 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 28November 2025

.......................................................................... B N Waring - Trustee

Page 6

Report of the Independent Auditors to the Members of Card Factory Foundation

Opinion

We have audited the financial statements of Card Factory Foundation (the 'charitable company') for the year ended 31 January 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 January 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

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Report of the Independent Auditors to the Members of Card Factory Foundation

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

Report of the Independent Auditors to the Members of Card Factory Foundation

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Due to the nature of the organisation and the number of transactions taking place during the period, we have individually inspected each transaction and assessed the risk of fraud associated with each. We have also liaised with Foundation and received minutes and documentation for selected and material donations made during the year to confirm the donations were genuine and no fraud had taken place.

We also obtained an understanding of the legal and regulatory frameworks that the foundation operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Charities Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the foundation's ability to operate or to avoid a material penalty.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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Report of the Independent Auditors to the Members of Card Factory Foundation

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Smedley FCA (Senior Statutory Auditor) for and on behalf of Richard Smedley Limited Chartered Accountants & Registered Auditors Richmond House Lawnswood Business Park Redvers Close Leeds West Yorkshire LS16 6QY 28 November 2025 Date: .............................................

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Card Factory Foundation

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 January 2025

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Charitable activities 3 Grants and donations Cost of administering the Foundation and donations Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	31.1.25 Unrestricted fund £ 1,369,267 338,049 145,734 483,783 885,484 4,975,075 5,860,559	31.1.24 Total funds £ 1,497,205 108,856 92,588 201,444 1,295,761 3,679,314 4,975,075

The notes form part of these financial statements

Page 11

Card Factory Foundation (Registered number: 11217058)

Balance Sheet

31 January 2025

Notes CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS	31.1.25 Unrestricted fund £ 73,596 5,794,343 5,867,939 (7,380) 5,860,559 5,860,559 5,860,559 5,860,559 5,860,559	31.1.24 Total funds £ 518,229 4,463,776 4,982,005 (6,930) 4,975,075 4,975,075 4,975,075 4,975,075 4,975,075

28 November 2025 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. B N Waring - Trustee

The notes form part of these financial statements

Page 12

Card Factory Foundation

Cash Flow Statement for the Year Ended 31 January 2025

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	31.1.25 £ 1,330,567 1,330,567 1,330,567 4,463,776 5,794,343	31.1.24 £ 1,050,380 1,050,380 1,050,380 3,413,396 4,463,776

The notes form part of these financial statements

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Card Factory Foundation

Notes to the Cash Flow Statement for the Year Ended 31 January 2025

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
	31.1.25	31.1.24
	£	£
Net income for the reporting period (as per the Statement of Financial
Activities)	885,484	1,295,761
Adjustments for:
Decrease/(increase) in debtors	444,633	(236,739)
Increase/(decrease) in creditors	450	(8,642)
Net cash provided by operations	1,330,567	1,050,380

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank Total	At 1.2.24 £ 4,463,776 4,463,776 4,463,776	Cash flow £ 1,330,567 1,330,567 1,330,567	At 31.1.25 £ 5,794,343 5,794,343 5,794,343

The notes form part of these financial statements

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Card Factory Foundation

Notes to the Financial Statements for the Year Ended 31 January 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£).

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Expenditure is apportioned where it relates to more than one cost category. The method of apportionment uses the most appropriate basis in each case.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors, creditors and cash and cash equivalents

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash is represented by deposits with financial institutions.

continued...

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Card Factory Foundation

Notes to the Financial Statements - continued for the Year Ended 31 January 2025

2. DONATIONS AND LEGACIES

Donations 3. CHARITABLE ACTIVITIES COSTS Grants and donations Cost of administering the Foundation and donations 4. GRANTS PAYABLE Grants and donations 5. SUPPORT COSTS Management £ Cost of administering the Foundation and donations 122,468 Support costs, included in the above, are as follows: Insurance Sundries Administrative expenses Counsultancy fees Bank charges Auditors' remuneration Auditors' remuneration for non audit work Carried forward	Grant funding of activities (see note 4) £ 338,049 - 338,049 Finance £ 297	31.1.25 £ 1,369,267 Support costs (see note 5) £ - 145,734 145,734 31.1.25 £ 338,049 Governance costs £ 22,969 31.1.25 Cost of administering the Foundation and donations £ 1,370 1,026 113,900 6,172 297 5,830 2,000 130,595	31.1.24 £ 1,497,205 Totals £ 338,049 145,734 483,783 31.1.24 £ 108,856 Totals £ 145,734 31.1.24 Total activities £ 1,303 682 59,953 9,919 356 8,233 2,000 82,446

continued...

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Card Factory Foundation

Notes to the Financial Statements - continued for the Year Ended 31 January 2025

5. SUPPORT COSTS - continued

----- Start of picture text -----
|||| |---|---|---| |31.1.25|31.1.24| |Cost of| |administering| |the| |Foundation| |and|Total| |donations|activities| |£|£| |Brought forward|130,595|82,446| |Legal & Professional fees|15,139|10,142| |145,734|92,588| |NET INCOME/(EXPENDITURE)| |Net income/(expenditure) is stated after charging/(crediting):| |31.1.25|31.1.24| |£|£| |Auditors' remuneration|5,830|8,233| |Other non-audit services|2,000|2,000|

----- End of picture text -----

6. NET INCOME/(EXPENDITURE)

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024.

8. STAFF COSTS

The average monthly number of employees during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |31.1.25|31.1.24| |Administration|2|2|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

continued...

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Card Factory Foundation

Notes to the Financial Statements - continued

for the Year Ended 31 January 2025

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Grants and donations Cost of administering the Foundation and donations Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR VAT Accrued income	31.1.25 £ 6,915 66,681 73,596	Unrestricted fund £ 1,497,205 108,856 92,588 201,444 1,295,761 3,679,314 4,975,075 31.1.24 £ 24,269 493,960 518,229

continued...

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Card Factory Foundation

Notes to the Financial Statements- continued for the Year Ended 31 January 2025 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 12. MOVEMENT IN FUNDS At 1.2.24 £ Unrestricted funds General fund 4,975,075 TOTAL FUNDS 4,975,075 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,369,267 TOTAL FUNDS 1,369,267 Comparatives for movement in funds At 1.2.23 £ Unrestricted funds General fund 3,679,314 TOTAL FUNDS 3,679,314	31.1.25 £ 7,380 Net movement in funds £ 885,484 885,484 Resources expended £ (483,783) (483,783) Net movement in funds £ 1,295,761 1,295,761	31.1.24 £ 6,930 At 31.1.25 £ 5,860,559 5,860,559 Movement in funds £ 885,484 885,484 At 31.1.24 £ 4,975,075 4,975,075

continued...

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Card Factory Foundation

Notes to the Financial Statements - continued for the Year Ended 31 January 2025

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 1,497,205 1,497,205	Resources expended £ (201,444) (201,444)	Movement in funds £ 1,295,761 1,295,761

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund TOTAL FUNDS	At 1.2.23 £ 3,679,314 3,679,314	Net movement in funds £ 2,181,245 2,181,245	At 31.1.25 £ 5,860,559 5,860,559

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 2,866,472 2,866,472	Resources expended £ (685,227) (685,227)	Movement in funds £ 2,181,245 2,181,245

continued...

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Card Factory Foundation

Notes to the Financial Statements - continued for the Year Ended 31 January 2025

13. RELATED PARTY DISCLOSURES

The trustees consider Card Factory Plc to be a related party as Card Factory Foundation derives all its income from Card Factory Plc.

In the year, Card Factory Foundation received £1,369,267 in donations from Card Factory Plc.

At 31st January 2025, £66,681 of donations were outstanding from Card Factory Plc. These were received after the year end.

14. POST BALANCE SHEET EVENTS

The trustees consider there are no post balance sheet events.

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