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2023-12-31-accounts

Charity number: 277298

FIRM FOUNDATION TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FIRM FOUNDATION TRUST

CONTENTS
Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 16

FIRM FOUNDATION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

Mr Simon Gardiner Mr David Greenslade Mr Derek Malcolm Mr Doug Jarvie Mr Andrew Blakeman (deceased 14 November 2023) Mr Andrew Bull

Charity registered number

277298

Principal office

Challenge House, 3B 29 Canal Street, Glasgow, G4 0AD

Independent Examiner

P M Landergan FCA, 26 Burney Street, London, SE10 8EX

Bankers

Lloyds TSB, 82 Mount Pleasant Road, Tunbridge Wells, Kent, TN1 1RP

Page 1

FIRM FOUNDATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of Firm Foundation Trust (the charity) for the year ended 31 December 2023. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.

OBJECTIVES AND ACTIVITIES

a. POLICIES AND OBJECTIVES

The charity is currently seeking to make Christian literature available within Turkey and the Turkish speaking diaspora, in the Turkish language.

b. ACTIVITIES FOR ACHIEVING OBJECTIVES

Through its association with a publishing company situated in Turkey, the charity has energetically pursued its objectives by promoting and facilitating the translation, production and distribution of Christian literature in the Turkish language which has been its principal focus during the year. The charity’s use of specialist translators, on which the progress of the work depends, has been sustained at an encouraging and productive level during 2023.

The Trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake and, in particular, the special guidance on charities for the advancement of the Christian Faith.

c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT

The charity considers that the translation work carried out results in the Turkish public having access to quality Christian literature which can be used for educational as well as religious purposes. The charity also noted that there are very few organisations providing similar resources in Turkey.

Page 2

FIRM FOUNDATION TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS AND PERFORMANCE

a. KEY FINANCIAL PERFORMANCE INDICATORS

The Key Financial Performance Indicators are funding and facilitating the publication of titles and ensuring that support costs are kept to a minimum.

b. REVIEW OF ACTIVITIES

During the year the charity continued to support the publishing company in Turkey in producing Christian literature in Turkish.

In 2023 the charity completed the production of the following titles:

As the Bible commentary series has been completed, the Trust is receiving a significant increase in requests from likeminded ministries, Turkish church leaders and theological educators for help to produce and publish the literature they require. Ongoing work on the following titles reflects this trend:

Knowing the Good News Mark’s Gospel Suffering for Christ Finding the Right Hills to Die On I Believe in the Holy Spirit The Message of Sonship 70 Great Christians Christian Counselling The Matrix of Christian Ethics How to Read the Bible for all its Worth Parenting Essentials God, Marriage and Family Emotionally Healthy Spirituality Dig Deeper: Study Tools Addictions and Recovery 7 Myths of Singlensess

Web presence

The updating and refreshing of the charity’s website www.firmfoundationtrust.org continues. While this still does not attract a large number of regular hits the analytics show visitors from different countries and it remains an essential feature of our proposal when approaching potential donors for fundraising.

The Turkish website from which prospective purchasers order physical copies or can download electronic versions of the titles, continues to have new digitised titles being added to the current list. This is seen as a vital element in the strategy of our Turkish publishing partner to further the distribution reach to an increasing number of Turkish Christians and other interested people, not only in Turkey, but wherever there is an internet connection.

Page 3

FIRM FOUNDATION TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

c. FUNDRAISING ACTIVITIES/INCOME GENERATION

The charity is dependent for the continuation of its work on the receipt of grants and donations. The Trustees have reviewed the position with regard to grants and reserves that are held at present and consider the financial position at 31st December to be satisfactory. The Trustees acknowledge that over the past few years the reserves have been utilised and will be seeking to replenish them going forwards to ensure the long term activities of the Trust are fully funded.

d. INVESTMENT POLICY AND PERFORMANCE

The trust seeks to make maximum use of donations received and consequently any funds are held in deposit accounts with High Street Banks. The return is consequently low but the funds are available to use with minimal delay.

FINANCIAL REVIEW

a. GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

b. RESERVES POLICY

The Trustees consider it desirable to hold the equivalent of three months' expenditure in General Reserves. The level of General Reserves at the end of the year carried forward to 2024 exceeded this.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. CONSTITUTION

Firm Foundation Trust was established by Declaration of Trust dated 11 December 1978, which was subsequently amended by a Deed of Variation dated 1 October 2010. It is registered with the Charity Commission with a registered number 277298. The Trust is governed by a Board of Trustees.

The principal object of the charity is the advancement of the Christian faith throughout the world by the instruction and edification of Christians, the care and Christian instruction of young people and children and the evangelisation of non-Christians.

There have been no changes in the objectives since the last annual report.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the trust deed.

c. ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Trustees meet twice a year for the purpose of decision taking and governance. Mr Derek Malcolm, a Turkish speaking Trustee, is responsible for arranging for the publishing of Christian

Page 4

FIRM FOUNDATION TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

literature in Turkish. Before work on any new title commences a grant has usually been received by the charity to cover the cost.

d. RISK MANAGEMENT

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate the exposure to the major risks.

PLANS FOR FUTURE PERIODS

a. FUTURE DEVELOPMENTS

As noted previously, the visibility of the charity on the web and the ever-growing range of available titles in the Bible Speaks Today series and other resources means that the charity continues to make a significant contribution to fulfilling its stated objective of ‘Developing vital biblical resources for the Turkish-speaking church’. The addition of titles from the ‘Bible Themes’ series during 2023 has helped to take this to the next step. Additionally, the growing number of digitised versions available has the potential to reach an ever widening audience. The Trust is increasingly approached by theological educators and church leaders for help to produce a wider range of Biblical resources. The Trustees view this as an exciting development in the support of the Turkish speaking church.

Page 5

FIRM FOUNDATION TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES' RESPONSIBILITIES STATEMENT

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 & 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 period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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.

This report was approved by the Trustees, on 19 March 2024 and signed on their behalf by:

Mr Doug Jarvie

Page 6

FIRM FOUNDATION TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIRM FOUNDATION TRUST (the 'charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and 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 the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts 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 been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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 accounts to be reached.

Signed:

Dated: 19 March 2024

P M Landergan FCA.

Landergan & Company Limited 26 Burney Street, London, SE10 8EX

Page 7

FIRM FOUNDATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
funds
Note
2023
£
INCOME FROM:
Donations and legacies
2
9,768
Investments
3
1,251
TOTAL INCOME
11,019
EXPENDITURE ON:
Charitable activities
4,5,6
19,515
TOTAL EXPENDITURE
19,515
NET EXPENDITURE BEFORE OTHER
RECOGNISED GAINS AND LOSSES
(8,496)
NET MOVEMENT IN FUNDS
(8,496)
RECONCILIATION OF FUNDS:
Total funds brought forward
54,338
TOTAL FUNDS CARRIED FORWARD
45,842		 Restricted
funds
2023
£
14,582
-
14,582
40,533
40,533
(25,951)
(25,951)
50,564
24,613		 Total
funds
2023
£
24,350
1,251
25,601
60,048
60,048
(34,447)
(34,447)
104,902
70,455		 Total
funds
2022
£
25,240
37
25,277
57,369
57,369
(32,092)
(32,092)
136,994
104,902

The notes on pages 10 to 16 form part of these financial statements.

Page 8

FIRM FOUNDATION TRUST

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
CURRENT ASSETS
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
8
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
9,10
Unrestricted funds
9,10
TOTAL FUNDS		 £
71,355
(900)		 2023
£
70,455
70,455
24,613
45,842
70,455		 £
105,801
(899)		 2022
£
104,902
104,902
50,564
54,338
104,902

The financial statements were approved by the Trustees on 19 March 2024 and signed on their behalf, by:

Mr Doug Jarvie

The notes on pages 10 to 16 form part of these financial statements.

Page 9

FIRM FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Firm Foundation Trust constitutes a public benefit entity as defined by FRS 102.

1.2 Income

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

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Page 10

FIRM FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.5 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.6 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.7 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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FIRM FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

1.8 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2023
£
Donations
9,768
Total 2022
2,939		 Restricted
funds
2023
£
14,582
22,301		 Total
funds
2023
£
24,350
25,240		 Total
funds
2022
£
25,240

3. INVESTMENT INCOME

INVESTMENT INCOME INVESTMENT INCOME INVESTMENT INCOME
Unrestricted
funds
2023
£
Investment income
1,251
Total 2022
37
DIRECT COSTS
Website
£
Publishing Costs
-
Website Development
500
500
Total 2022
365		 Restricted
funds
2023
£
-
-

Publishing

£
49,848
-
49,848
49,091		 Total
funds
2023
£
1,251
37
Total
2023
£
49,848
500
50,348
49,456		 Total
funds
2022
£
37
Total
2022
£
49,091
365
49,456

365

4. DIRECT COSTS

Page 12

FIRM FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. DIRECT COSTS (continued)

5. SUPPORT COSTS

Office Costs
Postage and Stationery
Bank Charges
Travelling
Total 2022		 Activities
£
2,938
53
243
5,246
8,480
6,672		 Total
2023
£
2,938
53
243
5,246
8,480
6,672		 Total
2022
£
2,488
232
292
3,660
6,672

6. GOVERNANCE COSTS

Unrestricted
funds
2023
£
Independent Examiner's fees
900
Governance - Trustees travel reimbursed
320
1,220		 Restricted
funds
2023
£
-
-
-		 Total
funds
2023
£
900
320
1,220		 Total
funds
2022
£
900
341
1,241

7. NET INCOME/(EXPENDITURE)

During the year, no Trustees received any remuneration (2022 - £NIL). During the year, no Trustees received any benefits in kind (2022 - £NIL). During the year, 2 Trustees received reimbursement of expenses of £5,246 (2022 - £6,533).

Page 13

FIRM FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: Amounts falling due within one year

2023 2022
£ £
Other creditors 900 899

9. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

STATEMENT OF FUNDS - CURRENT YEAR
Unrestricted funds
General Fund
Restricted funds
Specific Titles
Total of funds
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 January
2022
£
General Fund
30,518
Restricted funds
Specific Titles
104,996
Turkish Web
1,480		 Balance at
1 January
2023
£
54,338
50,564
104,902
Income
£
9,416
15,861
-		 Income Expenditure
£
£
11,019
(19,515)
14,582
(40,533)
25,601
(60,048)
Expenditure
Transfers
in/out
£
£
(11,356)
25,760
(44,533)
(25,760)
(1,480)
-		 Balance at
31
December
2023
£
45,842
24,613
70,455
Balance a
31
December
2022
£
54,338
50,564
-

The transfer from the Restricted Fund to the General Fund of £25,760 in 2022 has been made following a discusion with the donor.

Page 14

FIRM FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

SUMMARY OF FUNDS - CURRENT YEAR

General fund
Restricted funds
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
1 January
2022
£
General fund
30,518
Restricted funds
106,476
136,994		 Balance at
1 January
2023
£
54,338
50,564
104,902
Income
£
9,416
15,861
25,277		 Income Expenditure
£
£
11,019
(19,515)
14,582
(40,533)
25,601
(60,048)
Expenditure
Transfers
in/out
£
£
(11,356)
25,760
(46,013)
(25,760)
(57,369)
-		 Balance at
31
December
2023
£
45,842
24,613
70,455
Balance at
31
December
2022
£
54,338
50,564
104,902

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2023
£
Current assets
46,742
Creditors due within one year
(900)
45,842		 Restricted
funds
2023
£
24,613
-
24,613		 Total
funds
2023
£
71,355
(900)
70,455

Page 15

FIRM FOUNDATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted
funds
2022
£
Current assets
55,237
Creditors due within one year
(899)
54,338		 Restricted
funds
2022
£
50,564
-
50,564		 Total
funds
2022
£
105,801
(899)
104,902

11. RELATED PARTY TRANSACTIONS

An amount of £2,938 (2022 - £2,488) has been paid to a Trustee as part of “Office Costs” to cover the expenses of an office used by the Trust exclusively and on commercial terms, the Trustee receives no benefit from this and was not involved in the decision to cover this cost.

Page 16