Company registration number: N1633966 Charity registration number.. 104167 The Francina Foundation (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 October 2023 D T Carson & Co 51-53 Thomas Street Ballymena Co. Antrim BT43 6AZ
The FranciDa Foundation Contents Reference and Administrative Details Trustees, Report 2to3 Statement of Trustees, Re5ponsibilittes Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8t012
The Francina Foundation Reference and Administrative Details Trustees Mr Gary McQuoid Mr Samuel W Marcus Mr Charles Mcconnell Secretary Mr Gary McQuoid Charity Registration Number 104167 Company Registration Number N1633966 The charity is incorporated in Northern Ireland. 196 Ballymoney Road Ballymena Co Antrim BT43 5HG Registered Office Independent Examiner D T Carson & Co 51-53 Thomas Street Ballymena Co. Antrim B T43 6AZ Solicitors: Cleaver Fulton Rankin Ltd 50 Bedford Street Belfast BT2 7FW Bankers Danske Bank Donegall Square West Belfast Business Centre P.0. Box 183 Donegal Square West Belfast BTI 6JS Page I
The Francina Foundation Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 October 2023. Objective5 and activities Objecls and aims The Francina Foundation is a Limited company with charitable status and has been operating since November 2015. The purpose of the Francina Foundation 15: To support children in homes and orphanages within India and to rescue and provide refuge for girls sold into prostitution and to enable Indian partners to support their local communities. For the foreseeable future the charity will conlinue to provide funding for NGO'S in India to facilitate the purposes outlined above to continue. Public benefit The shaping of the objectives has been influenced by the Charity Commission Nl's guidance on public benefit and the following direct benefits have been identifjed: a) Prevention and relief of poverty b) Enhancement of education for beneficiaries The trustees confimi that they have complied with requirements of section 3 of the Charities Act (Northern Ireland) 2008, as amended by the Charities Act (Northern Ireland) 2013, to have due regard to the public benefit guidance published by the Charity Commission for Northern Ireland. Achievements and performance As evidenced in the finaT]cial statements, the objectives to raise Sufficient funds for in-county partners to meet the needs of the partners as discussed at quarterly management meetings. Financial review Policy on reserves The Francina Foundation only makes grants to properly constituted, recognised organisations within India which have been subject to vetting by the Directors. The Francina Foundation does not hold any reserves, rather wishing to ensure those providing contributions to the charity that everything that is donated will go towards meeting the objectives. Certain donations have been made to the charity with the expres5 remit to be allocated to the administrative functions of the charity. Page 2
The Francina Foundation Trustees, Report Plans for future periods Acllvllles planned lo acliieve oims The Directors continue to raise funds for the objectives and this will look to rais¢ a further £30,000 to enable a further assessment of in county (India) priorities to be undertaken. Trustees and orficers The trustees and officer5 serving during the year and since the year end were as follows.. Trustees: Mr Gary McQuoid Mr Satnuel W Marcus Mr Charles Mcconnell Structure? governance and management Arrangemenlsfor setting key maiiagemenlpersoniiel remuneralloii No remuneration is paid to key management. The annual report was approved by the trustees of the charity on 18 June 2024 and signed on its behalf by.. Mr Gary McQuoid Company secretary and trustee Page 3
The Francina Foundation Statement of Trustees, Responsibilities The trustees (who are also the director5 of The FranciT]a Foundation for the purposes of company law) 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). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Cornpany law requires the trustees to prepare financial statements for each financial year. 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 its income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. and 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 that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Iegular1tjes. The trustee5 are responsible for the maintenance and integrity of the co4)orate and fiT]ancial infomiation included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. AppToved by the trustees of the charity on l 8 June 2024 and signed on its behalf by.. ILQI Mr Gary McQuoid Company secretary and trustee Page 4
The Francina Foundation Independent Examiner's Report to the trustees of The Francing Foundation ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023. Responsibilities and basis of report As the charity's trustees of The Francina Foundation (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of The Francina Foundation are not required to be audited under company law and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 65 of the Charities Act (Northern Ireland) 2008. In carrying out my examination I have followed the Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. Independent examiner's statement I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of The Francina Foundation as required by section 386 of the 2006 Act" or 2. the accounts do not accord with those records. or 3, the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 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 undersLqnding of the accounts to be reached. Ryan McFaul D T Carson & Co Chartered Accountants & Registered Auditors 51-53 Thomas Street BallyTnena Co. ATbtrim BT43 6AZ 18 June 2024 Page 5
The Francina Foundation Statement of Financial Activities for the Year Ended 31 October 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unre51ricted funds Restricted funds Total 2023 Note Income and Endowmenls from: Donations and legacies Charitable activities 15,179 3,350 800 15,979 3,350 Total income 18.529 800 19,329 Expenditure on: Charitable activitie5 (18,858) (18,858) Total expenditure (18,858) (18,858) Net (expenditure)lincome (329) 800 471 Net movement in funds (329) 800 471 Reconciliation ofrund5 Total funds brought forward 16,054 4,000 20.054 Total funds Caled forward 10 15,725 Unrestricted funds 4.800 Restricted funds 20.525 Total 2022 Note Income and Endowments from: Donations and legacies Charitable activities 18,951 3.290 3,000 21.951 3.290 Total income 22,241 3,000 25,241 Expenditure on: Charitable activities (24,923) (24.923) Total expenditure Net (expenditure)/income (24,923) (24,923) (2,682) 3,000 318 Net movement in funds (2,682) 3.000 318 Reconciliation of funds Total funds brought forward 18,736 1,000 19,736 Total fvnds carried forward io 16.054 4.000 20,054 All ofthe charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is Shown in note 10. Page 6
The Francina Foundation (Registration number: N1633966) Balance Sheet as at 31 October 2023 2023 2022 Note Current assets Cash at bank and in hand 21,125 20,054 Creditors: Amounts falling due within one year (600) Net assets 20,525 20,054 Funds of the eharity: Restricted income funds Restricted funds 4.800 4,000 Unrestricted income funds Unrestricted funds 15,725 16,054 Total funds 10 20,525 20,054 For the financial year ending 31 October 2023 the charity wa5 entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Direclors, responsibilities: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 6 to 12 were approved by the trustees, and authorised for issue on 18 June 2024 and signed on their behalf by: MrGa McQuoid Company Secr¢tary and Trustee Samuel W Mar Trustee us Page 7
The Francina Foundation Notes to the Financial Statement5 for the Year Ended 31 October 2023 I Charity status The charity is limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: 196 Ballymoney Road Ballyrnena Co Antrim BT43 5HG These financial statements were authorised for issue by the trustees on 18 June 2024. 2 Aceounting policies Summary of significant accounting policies and key accounting estimales The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statement5 have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Firiancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act (Northern Ireland) 2008. Basi5 of preparation The Francina Foundation meet5 the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material UT]certainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Exemption from preparing a cash flow statement The charity Opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments Rncorne from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract. Page 8
The Francina Foundation Notes to the Financial Statements for the Year Ended 31 October 2023 Doiialions and legacles Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perforniance by the charity before the charity is entitled to the funds, the income is defeed and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will b¢ fulfilled in the reporting period. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Cliarilable aclivilies Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity- Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is r¢stricted to that area or purpose. Page 9
The Francina Foundation Notes to the Financial Statements for the Year Ended 31 October 2023 3 Income from donations and legacies Unrestricted funds General Restricted funds Total funds Donations and legacies. Donations from individuals 15.179 800 15,979 Total for 2023 15,179 800 15,979 Total for 2022 18,951 3,000 21,951 Page 10
The Francina Foundation Notes to the Financial Statements for the Year Ended 31 October 2023 4 Ineome from eharitable activities Unrestricted funds General Total 2023 Total 2022 Sponsorship 3,350 3,350 3,290 Unrestricted funds General Total 2022 Sponsorship 3,290 3,290 S Expenditure on charitable activities Total funds Note Unrestricted funds General Total funds Insurance Sponsorship Donations Accountancy fee Advertising Bank charges 966 2,600 13,100 600 1,227 365 966 2,600 13,100 600 1,227 365 Total for 2023 18,858 18.858 Total for 2022 24.923 24,923 Pagell
The Francina Foundatio Notes to the Financial Statements for the Year Ended 31 October 2023 6 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. 7 Taxation The charity is a registered charity and is therefore exempt from taxation. 8 Cash and cash eqllivalents 2023 2022 Cash at bank 21.125 20,054 9 Creditors: amounts falling due within one year 2023 Accrua15 600 10 Fund5 Balance at I November 2022 Incoming re50urce5 Resources expended Balance at 31 October 2023 Unrestricted funds General 16,054 18,529 (18,858) 15,725 Restricted funds 4,000 800 4,800 Total funds 20,054 19,329 (18,858) 20,525 Balance at I November 2021 Incoming resources Resources expended Balance at 31 October 2022 Unrestricted funds General 18.736 22,241 (24.923) 16,054 Reslricted funds 1,000 3,000 4,000 Total funds 19.736 25.241 (24.923) 20,054 Page 12
The Francina Foundation Detailed Statement of Financial Activities for the Year Ended 31 October 2023 Total 2023 Total 2022 Income and Endowments from: Donations and legacies (analysed below) Charitable activities (analysed below) 15,979 3,350 21.951 3,290 Total income 19.329 25,241 Expenditure on: Charitable activities (analysed below) (18,858) (24,923) Total expenditure (18.858) (24,923) Net income 471 318 Net movement in funds 471 318 Reconciliation of funds Total funds brought fonvard 20,054 19,736 Total funds Caled forward 20.525 20.054 This page does not fonn part of the statutory financial staternents. Page 13
The Francina Foundation Detailed Statement of Financial Activities for the Year Ended 31 October 2023 Total 2023 Total 2022 Donalions and legacie Appeals and donations Appeals and donations Gift Aid tax reclaimed 800 15,179 3,000 17,101 1,850 15,979 21,951 Cliorltable acllvllles Sponsorship 3,350 3,290 3,350 3,290 Cliarilable aclivilies Insurance Sponsorships Sundry expenses Advertising Bank charges Charitable donations Accountancy fees (966) (2,600) (821) (7,200) (40) (420) (442) (16,000) (1,227) {365) (13,100) (600) (18,858) (24.923) This page does not fonn part of the statutory financial slatements. Page 14