Company Registration No. 14023381 (England and Wales)
The Fair And Correct Foundation Limited
Annual Accounts
for the period from 30 April 2023 to 30 April 2024
The Fair And Correct Foundation Limited
Annual Accounts
Contents
The Fair And Correct Foundation Limited
Company Information
for the period from 30 April 2023 to 30 April 2024
Director
Michalakis Christofi
Company Number
14023381 (England and Wales)
Registered Office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom
The Fair And Correct Foundation Limited
Statement of financial position
as at 30 April 2024
Cash at bank and in hand
2,908
1,828
Creditors: amounts falling due within one year
(567)
-
Net current assets
2,341
1,828
Profit and loss account
2,341
1,828
Members' funds
2,341
1,828
For the period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 January 2025 and were signed on its behalf by
Michalakis Christofi
Director
Company Registration No. 14023381
The Fair And Correct Foundation Limited
Notes to the Accounts
for the period from 30 April 2023 to 30 April 2024
The Fair And Correct Foundation Limited is a private company, limited by guarantee, registered in England and Wales, registration number 14023381. The registered office and principal place of business is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102), Section 1A – Small Entities, as applicable in the United Kingdom and Republic of Ireland, and in compliance with the Companies Act 2006.
The financial statements have been prepared on a going concern basis and under the historical cost convention, except where otherwise stated in the accounting policies.
The company qualifies as a small entity under the Companies Act 2006 and has taken advantage of the disclosure exemptions available under FRS 102, Section 1A.
There have been no major departures from the requirements of FRS 102 Section 1A or the Companies Act 2006 in the preparation of these financial statements.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
3.1. Basis of preparation
The financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102), Section 1A – Small Entities, as applicable in the United Kingdom and Republic of Ireland, and in compliance with the Companies Act 2006.
The financial statements have been prepared on a going concern basis and under the historical cost convention, except where otherwise stated in the accounting policies.
The company qualifies as a small entity under the Companies Act 2006 and has applied the relevant disclosure exemptions available under FRS 102, Section 1A.
3.2. Presentation currency
The accounts are presented in £ sterling.
3.3. Turnover & Donations Policy
The company does not engage in trading activities and, as such, does not generate turnover in the traditional sense.
All income received by the company consists of voluntary donations and is therefore classified as “Other Operating Income” rather than “Turnover” under FRS 102 Section 1A.
This classification is necessary to accurately reflect the nature of the company’s income, as it does not arise from the provision of goods or services but rather from contributions made by related parties.
The Fair And Correct Foundation Limited
Notes to the Accounts
for the period from 30 April 2023 to 30 April 2024
The director has assessed the company’s ability to continue operating for the foreseeable future and is satisfied that the company has adequate resources to meet its obligations as they fall due and maintain its online and social media presence for at least the next three years.
As described in Note 3.5 – Source of Donations and Financial Transparency, the company is fully funded through voluntary donations from its sole director and member, Mr Michalakis Christofi, and the Conectid Group, a group of companies controlled by Mr Christofi. The company does not rely on external funding and, apart from a corporation tax liability to HMRC, has no other outstanding liabilities. The company has sufficient funds available to fully settle this tax obligation when due.
Additionally, as per Note 3.8 – Future Compensation Pledge, Mr Christofi and the Conectid Group have pledged the net proceeds from any future compensation or damages received from legal actions against institutions that have failed in their duties. After deducting direct costs incurred in pursuing justice, these proceeds have been pledged to support the company’s mission of advocating for victims, preventing similar injustices, and driving systemic reform.
Risk Mitigation Strategies
While the company is primarily reliant on donations and future compensation proceeds, the directors have implemented several risk mitigation strategies to ensure financial sustainability:
• Cost Management:
The company operates with minimal fixed costs, ensuring that essential activities, such as maintaining its website and social media presence, require only minimal funding.
• Contingency Planning:
Even in the unlikely event that compensation is delayed or falls short of expectations, the company has organised its finances to guarantee that it can continue operating for a minimum of two years with the resources at its disposal.
• Alternative Funding Considerations:
The company is exploring potential alternative revenue sources, including monetising its online and social media presence (as referenced in Note 4 – Turnover) while maintaining complete transparency and compliance with regulatory obligations.
• Growing Institutional Recognition & Support:
The company has gained considerable exposure, with various organisations, regulatory bodies, and government institutions, including Parliament, now examining the systemic issues raised by the company. This progress aligns with one of the company's core objectives—to effect meaningful change and ensure that no other victims face similar failures and injustices.
As the company has no other sources of income, the director proceeds with the company’s plans and necessary actions based on expected revenue, while also exploring alternative income streams, as referenced in Section 4 – Turnover.
The director continuously assesses and adjusts the company’s support structure and operational model to ensure its financial sustainability. The company’s economic activities and commitments are managed based on expected cash flow, ensuring it operates within a sustainable financial framework.
This commitment further reinforces the company’s ability to continue its activities and fulfil its objectives. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis, with no material uncertainties affecting the company’s ability to continue operating.
The Fair And Correct Foundation Limited
Notes to the Accounts
for the period from 30 April 2023 to 30 April 2024
3.5. Source of Donations and Financial Transparency
During the financial year, the company received £4,249 (2023: £1,828) in donations from related parties.
All donations were received exclusively from the following sources:
• Mr. Michalakis Christofi:
Sole Director and Member of the company.
• Conectid Group:
A group of companies controlled by Mr Christofi, with the holding company being Conectid Limited, as detailed in Note 13.
All current and future income received from related parties is unrestricted and used at the directors' sole discretion to further the company’s objectives. While the foundation receives financial support from associated parties, no operational control is exercised over its activities. All decisions are made independently, solely in the company's best interests rather than in the interests of any related party.
The company does not accept donations from the general public, external organisations, or any third parties.
The company does not accept any money or have any other sources of income aside from voluntary donations received exclusively from Mr. Michalakis Christofi and Conectid Group, as detailed in this note.
3.6. Context and Background
For context and completeness, Mr Christofi and the Conectid Group have been victims of fraud and have suffered systemic failures from various institutions, including the Financial Ombudsman Service, Action Fraud, Thames Valley Police and financial institutions. These institutions, which exist to support and protect victims, have instead caused further harm, neglected their responsibilities, and allowed misconduct to persist unchallenged.
Having personally experienced these systemic failures, Mr Christofi and the Conectid Group were shocked not only by the fraudulent actions committed against them but also by the failures of institutions that are supposed to protect and support victims. Instead of fulfilling their mandate by providing justice and essential assistance, these institutions contributed to further injustice, leaving victims abandoned.
Having gone through this experience and witnessed firsthand the system's deep flaws, they were left with no faith in the very bodies meant to offer support. Rather than remaining silent, they made the decision to take action—not only to seek justice for themselves but to ensure that no one else has to go through the same pain, injustice, and failures that they have endured.
3.7. Ongoing Investigations and Legal Actions
There are ongoing investigations and legal actions against various institutions and entities that have contributed to the harm and systemic failures experienced by Mr Christofi, the Conectid Group, and the company. Due to the sensitive and evolving nature of these matters, limited information can be disclosed at this stage.
Legal Actions and Escalation:
Mr Christofi has initiated legal proceedings against multiple parties responsible for these failures. Additionally, he has been escalating the matter to various organisations, regulatory bodies, and government entities, including the UK Parliament and relevant parliamentary groups, to ensure accountability and systemic reforms.
Ongoing Investigations:
• Thames Valley Police is investigating matters related to misidentification and procedural errors that have directly impacted Mr Christofi, the Conectid Group, and the company.
• Action Fraud is also reviewing elements of the case, as concerns regarding improper handling and inadequate support for fraud victims have been raised.
Recent Developments and Evidence Disclosure:
Recent revelations and a significant data leak have surfaced, bringing to light new evidence that further supports the concerns raised by Mr Christofi and the Conectid Group. In particular, the information related to the Financial Ombudsman Service
The Fair And Correct Foundation Limited
Notes to the Accounts
for the period from 30 April 2023 to 30 April 2024
suggests serious procedural shortcomings and raises concerns about whether the handling of the case resulted from incompetence, negligence, or systemic deficiencies within the institutions involved.
These developments will play a crucial role in the ongoing efforts to challenge misidentification, address systemic failures, and ensure necessary corrective actions are taken. The company continues to monitor the situation closely and will provide further disclosures as legally and procedurally appropriate.
3.8. Future Compensation Pledge
As part of this commitment, any net proceeds from damages, compensation, or settlements received as a result of legal actions—after deducting direct costs incurred in seeking justice—have been pledged to the company.
These funds will be used to:
• Support victims of similar injustices,
• Push for systemic reforms, and
• Hold accountable the institutions that have failed in their duty to protect the public.
This pledge ensures that the failures they experienced do not continue unchecked and that others do not suffer the same hardship, neglect, and harm.
Any proceeds are accounted for only upon receipt and not recognised as income until realisable.
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Creditors: amounts falling due within one year
2024
2023
Taxes and social security
567
-
At the reporting date, the company had total creditors of £567, which represents Corporation Tax payable to HMRC.
This balance consists of:
• Corporation Tax for the financial year ended 30 April 2024: £211
• Adjustments for previous tax liabilities: £356
There are no other outstanding liabilities or amounts payable to third parties.
5
Company limited by guarantee
The company is limited by guarantee and has no share capital.
As stipulated in the company's Memorandum and Articles of Association, every company member undertakes to contribute to the company's assets in the event of a winding up for an amount not exceeding £28.
The company has no shareholders, dividends, or profit distribution.
6
Capital commitments
2024
2023
The company had no capital commitments as at 30 April 2024.
The company has no obligations related to capital expenditure, and there are no contractual commitments in place that would require future financial outflows.
The Fair And Correct Foundation Limited
Notes to the Accounts
for the period from 30 April 2023 to 30 April 2024
The company had no pension commitments as at 30 April 2024.
There are no employer pension schemes in place, and no pension liabilities exist for the company.
The company had no contingent liabilities as at 30 April 2024.
The company has not provided any advances or credit and does not intend to provide any financial assistance, loans, or credit facilities to directors or related parties.
10
Guarantees provided on behalf of directors
The company has not provided, and does not intend to provide, any financial assistance, loans, or credit facilities to directors or related parties.
11
Transactions with related parties
During the financial year, the company received £4,249 (2023: £1,828) in donations from related parties. These donations were made exclusively by Mr Michalakis Christofi and Conectid Group, as detailed in Note 3.5 – Source of Donations and Financial Transparency. All income received from related parties is unrestricted and used at the discretion of the directors for the company's objectives.
All current and future income received from related parties is unrestricted and used at the directors' sole discretion to further the company’s objectives. While the foundation receives financial support from associated parties, no operational control is exercised over its activities. All decisions are made independently, solely in the company's best interests rather than in the interests of any related party.
There were no other related party transactions during the period. No loans, credit facilities, or other financial assistance were provided to or received from related parties.
100% of the company’s income is received from Mr. Christofi or entities under his control, specifically Conectid Group, whose holding company is Conectid Limited, a registered as a limited company in England and Wales, Company Registration Number 10810165 and its registered office: Conectid Group, 400 Thames Valley Park Drive, Thames Valley Park, Reading, RG6 1PT, Berkshire, England, United Kingdom.
The company does not generate income from any other sources and is fully funded through voluntary donations from Mr Michalakis Christofi and Conectid Group, both of which are under the sole control of Mr Christofi.
The donations provided by Mr Christofi and Conectid Group consist of net proceeds from compensation received in connection with legal claims and settlements, as detailed in Note 3.6 – Context and Background. These claims relate to systemic failures and fraud suffered by Mr Christofi and Conectid Group from institutions such as the Financial Ombudsman Service, Action Fraud, Thames Valley Police, and financial institutions.
All current and future income received from related parties is unrestricted and used at the directors' sole discretion to further the company’s objectives. While the foundation receives financial support from associated parties, no operational control is exercised over its activities. All decisions are made independently, solely in the company's best interests rather than in the interests of any related party.
The Fair And Correct Foundation Limited
Notes to the Accounts
for the period from 30 April 2023 to 30 April 2024
13
Post balance sheet events
After the balance sheet date, these institutions' failures continued to harm Mr. Christofi, Conectid Group, and the company.
Specifically, in July 2024, Thames Valley Police, relying on their internal incorrect records and the previous misidentification of Mr Christofi that they had previously failed to correct, took actions that resulted in the freeze and suspension of bank accounts belonging to Mr Christofi, Conectid Group, and the company.
These actions were based on Thames Valley Police's failure to correct their previous misidentification records despite prior recognition of errors. This has further disrupted operations, caused additional financial and reputational damage, and forced the company and group to take urgent action to restore access to financial services.
In September 2024, the courts formally recognised the errors and instructed the financial institutions to unfreeze and restore the affected accounts. However, despite this legal ruling, some financial institutions have refused to act until Thames Valley Police formally correct the records.
As of the date of this report, Thames Valley Police’s GDPR and Data Protection Department have not rectified these records, forcing Mr Christofi, Conectid Group, and the company to take further legal action to secure their correction and uphold their legitimate and lawful rights.
To mitigate the financial and operational impact of these disruptions, Conectid Group and the company have taken proactive measures to ensure continued economic stability, including opening bank accounts offshore and with foreign financial institutions to maintain essential financial services.
Further legal actions and corrective measures are being pursued to hold all responsible institutions accountable and to ensure that this situation does not continue or happen to others.
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Average number of employees
During the period the average number of employees was 1 (2023: 0).