IRIS Accounts Production v24.2.0.383 Other Company accounts True false Pounds 1.2.23 31.1.24 31.1.24 FY Medium entities Audited These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Medium-sized companies regime for accounts Full Charities SORP true true true true true true true false true false false false 1 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112170582023-01-31112170582024-01-31112170582023-02-012024-01-31112170582022-01-31112170582022-02-012023-01-31112170582023-01-3111217058ns0:CharitableCompanyLimitedByGuarantee2023-02-012024-01-3111217058ns15:PoundSterling2023-02-012024-01-3111217058ns11:MediumEntities2023-02-012024-01-3111217058ns11:Audited2023-02-012024-01-3111217058ns11:Medium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3111217058ns11:Medium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3111217058ns11:FullAccounts2023-02-012024-01-3111217058ns11:CharitiesSORP2023-02-012024-01-311121705832023-02-012024-01-3111217058ns0:Trustee22023-02-012024-01-3111217058ns0:Trustee32023-02-012024-01-3111217058ns0:Trustee42023-02-012024-01-3111217058ns0:Trustee52023-02-012024-01-3111217058ns0:Trustee62023-02-012024-01-3111217058ns0:Trustee12023-02-012024-01-3111217058ns0:Trustee72023-02-012024-01-3111217058ns0:Trustee82023-02-012024-01-3111217058ns0:Trustee92023-02-012024-01-3111217058ns0:Trustee102023-02-012024-01-3111217058ns0:Trustee112023-02-012024-01-3111217058ns11:RegisteredOffice2023-02-012024-01-3111217058ns0:Activity92023-02-012024-01-3111217058ns0:Activity92022-02-012023-01-3111217058ns10:WithinOneYear2024-01-3111217058ns10:WithinOneYear2023-01-3111217058ns0:TotalUnrestrictedFunds2024-01-311121705822023-02-012024-01-311121705832023-02-012024-01-311121705812023-02-012024-01-311121705812022-02-012023-01-311121705812023-02-012024-01-31
REGISTERED COMPANY NUMBER: 11217058 (England and Wales)
REGISTERED CHARITY NUMBER: 1180081














Report of the Trustees and

Financial Statements for the Year Ended 31 January 2024

for

Card Factory Foundation

Card Factory Foundation






Contents of the Financial Statements
for the Year Ended 31 January 2024




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 20

Card Factory Foundation

Reference and Administrative Details
for the Year Ended 31 January 2024



TRUSTEES S Glass Director
J Hardy Director (resigned 4.5.2024)
N L Rogerson Director (resigned 7.5.2024)
S J L Rowney Director
S M Gleadall Director (resigned 22.9.2023)
B N Waring Director
V Bramley (appointed 2.2.2024)
T S Coppin (appointed 22.5.2024)
S P Steele Director (appointed 17.11.2023)
J Thorburn Director (appointed 17.11.2023)
G Walsh Director (appointed 17.11.2023)


REGISTERED OFFICE Century House
Brunel Road
Wakefield
West Yorkshire
WF2 0XG


REGISTERED COMPANY
NUMBER
11217058 (England and Wales)


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
PERSONNEL
Pushpinder Gill
(Head of Foundation)

Card Factory Foundation (Registered number: 11217058)

Report of the Trustees
for the Year Ended 31 January 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2024. 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).

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, as follows:

-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
-Life Moments Fund: A multi-year grant supporting a designated charity partner to create lasting
impact.


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.


Card Factory Foundation (Registered number: 11217058)

Report of the Trustees
for the Year Ended 31 January 2024

STRATEGIC REPORT
Achievement and performance
Charitable activities
The year 2023/24 was one of review and strategic development for the Foundation, as we focused on establishing a solid Foundation for long-term financial stability and governance. This included the implementation of best practices, governance improvements, and a re-evaluation of our purpose, which is to "Help people and communities at moments that matter." As part of these efforts, we made the decision to close the Hardship Fund. We also continued with our Match Funding program and held a Trustee Strategy Development Day to refocus on our long-term objectives.

In 2023/24, the Foundation donated £108,856 to charitable causes, charitable causes and local communities.

Key highlights include:



-
Match Funding: we proudly matched 24 grants. This program has enabled the Card Factory PLC colleagues to
amplify their charitable efforts, supporting causes that matter most to them and making a significant difference in
their communities


-
Hardship Fund: Though now closed, the Hardship Fund provided support throughout the year. This fund was
instrumental in offering financial assistance to Card Factory PLC colleagues facing life changing events awarded
to those in need


-
Trustee Strategy Development Day: In addition to maintaining our existing funding programs, we held a
Trustee Strategy Development Day, where we reviewed our goals and funding streams, ensuring that we remain
aligned with our mission and prepared for long-term sustainability.

Looking ahead, we remain committed to empowering both communities and Card Factory PLC colleagues we serve through well-structured and impactful funding programs. We will continue to build on the strong Foundation laid this year, ensuring that our resources continue to create meaningful, lasting change.

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 £1,497,205 (2023 - £1,440,098).

Reserves policy
The total of funds held at the 31st January 2024 was £4,975,075 (2023 - £3,679,314). 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.


Card Factory Foundation (Registered number: 11217058)

Report of the Trustees
for the Year Ended 31 January 2024


STRATEGIC REPORT
Principal risks and uncertainties
The Trustees have undertaken a comprehensive assessment of the major risks to which the Foundation is exposed, evaluating them based on both their probability and potential impact. The Board has adopted mitigation strategies in alignment with the Foundation's risk tolerance, and these measures are documented in a regularly reviewed risk register, updated and approved annually. When necessary, the Foundation has implemented systems and procedures to effectively address these identified risks. The Foundation Director continually monitors fluctuations in risk levels and the emergence of new risk factors that could potentially affect the Foundation, promptly alerting the Trustees to any concerns.

We have identified and are actively addressing the following top three key risk areas:

Operational Risk - Key Person Dependency: We acknowledge the importance of our staff's expertise and experience in our initiatives. The loss or extended absence of a key team member could hinder project success. To mitigate this risk, the Card Factory Foundation will implement strong internal controls following Charity Commission guidelines, ensuring the duties and responsibilities are clear and ensure policies and process are documented for all foundation staff to continue operations.

Financial Risk - Income Dependency: In recognising the paramount importance of financial stability and our historical dependence on limited funding sources, we are actively addressing the financial risk associated with any potential reduction in these income streams. We are diversifying our funds through investment and actively managing resources to increase grant-making activity. These measures enhance our financial resilience, ensuring continued support for vital charitable initiatives.

Operational Risk - Internal Fraud: Our unwavering commitment to transparency and integrity drives us to actively manage internal fraud risks. We will develop a safeguarding policy, offer staff training and ensure robust reporting systems and security measures are in place to address this risk, thereby protecting our operations and financial integrity.

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 Charity 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. In late 2022, a comprehensive strategic and operational review of The Card Factory Foundation commenced, which concluded in 2024.

Then, throughout 2024, this review centred on the implementation of a new management structure and the refinement of key policies and processes. Looking ahead to early 2025, our Foundation is actively preparing to introduce an evolved grant-making strategy. This new strategy will emphasise a thorough evaluation of the relevance, delivery, and impact of our three core funding aims. Through these strategic efforts, we aim to enhance the effectiveness of our grant-making activities to charities and further our commitment to making a lasting 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.


Card Factory Foundation (Registered number: 11217058)

Report of the Trustees
for the Year Ended 31 January 2024


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, who assumed the role of Head of Foundation in July 2023, 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).


Card Factory Foundation (Registered number: 11217058)

Report of the Trustees
for the Year Ended 31 January 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Company law 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 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 Charity 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 29 November 2024 and signed on the board's behalf by:





B N Waring - Trustee

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 2024 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 2024 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.

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.

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:

- the nature of the industry and sector, control environment and business performance ;
- results of our enquiries of the trustees about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the foundation's documentation of their policies and procedures relating to:
- 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.

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

29 November 2024

Card Factory Foundation

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 January 2024

31.1.24 31.1.23
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 1,497,205 1,440,098

EXPENDITURE ON
Raising funds 3 - 110,187

Charitable activities 4
Cost of administering the Foundation and donations
201,444

-
Total 201,444 110,187

NET INCOME 1,295,761 1,329,911


RECONCILIATION OF FUNDS
Total funds brought forward 3,679,314 2,349,403

TOTAL FUNDS CARRIED FORWARD 4,975,075 3,679,314

Card Factory Foundation (Registered number: 11217058)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Debtors 10 518,229 281,490
Cash at bank 4,463,776 3,413,396
4,982,005 3,694,886

CREDITORS
Amounts falling due within one year 11 (6,930 ) (15,572 )

NET CURRENT ASSETS 4,975,075 3,679,314

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,975,075

3,679,314

NET ASSETS 4,975,075 3,679,314
FUNDS 12
Unrestricted funds 4,975,075 3,679,314
TOTAL FUNDS 4,975,075 3,679,314


The financial statements were approved by the Board of Trustees and authorised for issue on 29 November 2024 and were signed on its behalf by:





B N Waring - Trustee

Card Factory Foundation

Cash Flow Statement
for the Year Ended 31 January 2024

31.1.24 31.1.23
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 1,050,380 1,581,530
Net cash provided by operating activities 1,050,380 1,581,530

Change in cash and cash equivalents in the
reporting period

1,050,380

1,581,530
Cash and cash equivalents at the beginning
of the reporting period

3,413,396

1,831,866
Cash and cash equivalents at the end of the
reporting period

4,463,776

3,413,396

Card Factory Foundation

Notes to the Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.1.24 31.1.23
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

1,295,761

1,329,911
Adjustments for:
(Increase)/decrease in debtors (236,739 ) 400,077
Decrease in creditors (8,642 ) (148,458 )
Net cash provided by operations 1,050,380 1,581,530


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 3,413,396 1,050,380 4,463,776
3,413,396 1,050,380 4,463,776
Total 3,413,396 1,050,380 4,463,776

Card Factory Foundation

Notes to the Financial Statements
for the Year Ended 31 January 2024

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.

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.


Card Factory Foundation

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. DONATIONS AND LEGACIES
31.1.24 31.1.23
£    £   
Donations 1,497,205 1,440,098

3. RAISING FUNDS

Raising donations and legacies
31.1.24 31.1.23
£    £   
Support costs - 110,187

4. CHARITABLE ACTIVITIES COSTS
Support
costs (see
note 5)
£   
Cost of administering the Foundation and
donations

201,444

5. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Cost of administering the Foundation and
donations

180,713

356

20,375

201,444


Support costs, included in the above, are as follows:
31.1.24 31.1.23
Cost of
administering
the
Foundation
and Total
donations activities
£    £   
Insurance 1,303 641
Sundries 682 434
Donations 108,856 77,264
Administrative expenses 59,953 15,216
Counsultancy fees 9,919 10,701
Bank charges 356 431
Auditors' remuneration 8,233 3,500
Auditors' remuneration for non audit work 2,000 2,000
Legal & Professional fees 10,142 -
201,444 110,187

Card Factory Foundation

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.1.24 31.1.23
£    £   
Auditors' remuneration 8,233 3,500
Other non-audit services 2,000 2,000

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023.


8. STAFF COSTS

The average number of employees for the period was 2( 2023- 1)

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 1,440,098

EXPENDITURE ON
Raising funds 110,187


NET INCOME 1,329,911


RECONCILIATION OF FUNDS
Total funds brought forward 2,349,403

TOTAL FUNDS CARRIED FORWARD 3,679,314


Card Factory Foundation

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
VAT 24,269 24,269
Accrued income 493,960 257,221
518,229 281,490

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Accrued expenses 6,930 15,572

12. MOVEMENT IN FUNDS
Net
movement At
At 1.2.23 in funds 31.1.24
£    £    £   
Unrestricted funds
General fund 3,679,314 1,295,761 4,975,075

TOTAL FUNDS 3,679,314 1,295,761 4,975,075

Net movement in funds, included in the above are as follows:

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

TOTAL FUNDS 1,497,205 (201,444 ) 1,295,761


Comparatives for movement in funds

Net
movement At
At 1.2.22 in funds 31.1.23
£    £    £   
Unrestricted funds
General fund 2,349,403 1,329,911 3,679,314

TOTAL FUNDS 2,349,403 1,329,911 3,679,314

Card Factory Foundation

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

12. MOVEMENT IN FUNDS - continued

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,440,098 (110,187 ) 1,329,911

TOTAL FUNDS 1,440,098 (110,187 ) 1,329,911

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

Net
movement At
At 1.2.22 in funds 31.1.24
£    £    £   
Unrestricted funds
General fund 2,349,403 2,625,672 4,975,075

TOTAL FUNDS 2,349,403 2,625,672 4,975,075

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 2,937,303 (311,631 ) 2,625,672

TOTAL FUNDS 2,937,303 (311,631 ) 2,625,672


Card Factory Foundation

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

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 £1,497,205 in donations from Card Factory Plc.

At 31st January 2024, £493,960 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.