REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
THE FRANCHISE TRUST |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
THE FRANCHISE TRUST |
THE FRANCHISE TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 9 |
THE FRANCHISE TRUST (REGISTERED NUMBER: 08255475) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 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 30 September 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 objects of the trust are as follows: |
To advance education in business by developing knowledge & business skills, in particular but not exclusively to franchising. |
To promote education & training people in the UK who would not otherwise have access to such opportunities by reason of youth, age, ill-health, disability, financial hardship or other disadvantage. |
To promote equality & diversity within franchising. |
Public benefit |
The trust is committed to promote the education and training of those people in the the UK who have an interest in franchising but would not otherwise have access to opportunities by reason of youth, age, ill-health, disability, financial hardship or other disadvantage and in doing so, to promote equality and diversity within the franchising sector. |
Volunteers |
The Board of Trustees comprises volunteers appointed by the British Franchise Association. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The trustees continue to promote the charitable objectives and aims. Whilst donations were received in the year, charitable activities remain temporarily suspended. (Activities were suspended in 2021 due to disruption caused by Covid-19). The trustees expect to restart charitable activities in the next financial year. |
FINANCIAL REVIEW |
Principal funding sources |
The Charity's principal source of funding is the British Franchise Association, who provide administrative support at no cost. |
Reserves policy |
The trust's reserves stood at £30,172 (2023: £29,595) at the balance sheet date and represent the general fund held in accordance with Charity Commission Guidelines as follows: |
- in furtherance of the trust's objectives in the short and long term; |
- to provide funds which can be designated to specific projects to enable these projects to be |
undertaken at short notice; and |
- to cover administration, fund-raising and support costs. |
FUTURE PLANS |
The Trustee expect to restart charitable activities during the next financial period. |
THE FRANCHISE TRUST (REGISTERED NUMBER: 08255475) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
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. |
Recruitment and appointment of new trustees |
Trustees may only be appointed by the British Franchise Association and are carefully selected for their knowledge and experience of charitable organisations. Newly appointed trustees are inducted to the work of the trust by the chairman and provided with all information required to fulfil their role as trustees in accordance with the deed of trust and the Charities Act 2011. A trustee may retire voluntarily. |
Organisational structure |
The Chairman has overall responsibility for the trust and is assisted in this role by the Secretary. |
Trustee meetings |
The trustees did not meet during the financial year. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
J Pyke FCA |
Vale & West |
Chartered Accountants |
Victoria House |
26 Queen Victoria Street |
Reading |
Berkshire |
RG1 1TG |
THE FRANCHISE TRUST (REGISTERED NUMBER: 08255475) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE FRANCHISE TRUST |
Independent examiner's report to the trustees of The Franchise Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (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 Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company 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 understanding of the accounts to be reached. |
J Pyke FCA |
Vale & West |
Chartered Accountants |
Victoria House |
26 Queen Victoria Street |
Reading |
Berkshire |
RG1 1TG |
26 June 2025 |
THE FRANCHISE TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 29,595 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
THE FRANCHISE TRUST (REGISTERED NUMBER: 08255475) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 3 |
Unrestricted funds | 29,595 |
TOTAL FUNDS | 29,595 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
THE FRANCHISE TRUST (REGISTERED NUMBER: 08255475) |
BALANCE SHEET - continued |
30 SEPTEMBER 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE FRANCHISE TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 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. |
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. |
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. |
2. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
3. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.10.23 | in funds | 30.9.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 29,595 | 577 | 30,172 |
TOTAL FUNDS | 577 | 30,172 |
THE FRANCHISE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 577 | - | 577 |
TOTAL FUNDS | 577 |
4. | RELATED PARTY DISCLOSURES |
5. | LIMITED BY GUARANTEE |
The trust is limited by a member's guarantee to contribute £1 in the event the trust is dissolved. |