CHARITY REGISTRATION NUMBER: 1003732
The Isaac and Freda Frankel Memorial Charitable Trust
Unaudited Financial Statements
31 January 2021
A J BRACEINER FCA
Chartered Accountant Park House Russell Gardens London NW11 9NJ
The Isaac and Freda Frankel Memorial Charitable Trust
Financial Statements
Year ended 31 January 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
The Isaac and Freda Frankel Memorial Charitable Trust
Trustees' Annual Report
Year ended 31 January 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 January 2021.
Reference and administrative details
Registered charity name The Isaac and Freda Frankel Memorial Charitable Trust
Charity registration number 1003732
Principal office
The trustees
Mrs G Frankel Mr J Steinhaus Mr M D Frankel Mr J Silkin Independent examiner Abraham J Braceiner FCA Park House Russell Gardens London NW11 9NJ
Structure, governance and management
Structure
The charity is governed by a Trust Deed dated on 9th July 1991.
Governance and management
The Trust Deed provides for a minimum of three trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees.
Objectives and activities
Objectives
The advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty.
Activities
The charity makes grants to various institutions both in the UK and overseas which are identified by the trustees as advancing the objectives of the charity.
Public benefit
The trustees have considered the Charity Commission's guidance on public benefit and consider that the charity conforms with them.
Achievements and performance
During the year the charity made grants to over fifty organisations and institutions.
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The Isaac and Freda Frankel Memorial Charitable Trust
Trustees' Annual Report (continued)
Year ended 31 January 2021
Financial review
Financial review and investment policy
The trustees have set a policy that the expendable endowment should be invested so as to maximise the total return with a low level of risk. The trustees annually review the risks that the charity faces. To date these have mainly related to investment management and risks associated with making grants to bond file institutions.
Reserves policy
The charity attempts to maintain sufficient reserves to meet the ever increasing demand on its funds from various charitable institutions.
The trustees' annual report was approved on 11 November 2021 and signed on behalf of the board of trustees by:
Mr M D Frankel Trustee
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The Isaac and Freda Frankel Memorial Charitable Trust
Independent Examiner's Report to the Trustees of The Isaac and Freda Frankel Memorial Charitable Trust
Year ended 31 January 2021
I report to the trustees on my examination of the financial statements of The Isaac and Freda Frankel Memorial Charitable Trust ('the charity') for the year ended 31 January 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
Abraham J Braceiner FCA Independent Examiner
Park House Russell Gardens London NW11 9NJ
11 November 2021
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The Isaac and Freda Frankel Memorial Charitable Trust
Statement of Financial Activities
Year ended 31 January 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 46,000 | – | 46,000 | 45,000 |
| Investment income | 5 | 21,806 | – | 21,806 | 21,874 |
| Other income | 6 | 3,242 | – | 3,242 | 5,788 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total income | 71,048 | – | 71,048 | 72,662 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 51,411 | – | 51,411 | 67,777 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 51,411 | – | 51,411 | 67,777 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Net gains on investments | 8 | 4,496 | – | 4,496 | – |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net income | 24,133 | – | 24,133 | 4,885 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Other recognised gains and losses | |||||
| Fair value movements | (31,756) | – | (31,756) | 5,519 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Net movement in funds | (7,623) | – | (7,623) | 10,404 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 427,707 | 100 | 427,807 | 417,403 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 420,084 | 100 | 420,184 | 427,807 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 10 form part of these financial statements.
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The Isaac and Freda Frankel Memorial Charitable Trust
Statement of Financial Position
31 January 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 11 | 172,069 | 199,709 |
| Current assets | |||
| Debtors | 12 | 244,841 | 227,211 |
| Cash at bank and in hand | 3,874 | 2,000 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 248,715 | 229,211 | ||
| Creditors: amounts falling due within one year | 13 | 600 | 1,113 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net current assets | 248,115 | 228,098 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total assets less current liabilities | 420,184 | 427,807 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net assets | 420,184 | 427,807 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Funds of the charity | |||
| Restricted funds | 100 | 100 | |
| Unrestricted funds | 420,084 | 427,707 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total charity funds | 420,184 | 427,807 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 11 November 2021, and are signed on behalf of the board by:
Mr M D Frankel Trustee
The notes on pages 6 to 10 form part of these financial statements.
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The Isaac and Freda Frankel Memorial Charitable Trust
Notes to the Financial Statements
Year ended 31 January 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 101 Wigmore Street, London, W1U 1FA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Isaac and Freda Frankel Memorial Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 January 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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The Isaac and Freda Frankel Memorial Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 January 2021
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 46,000 | 46,000 | 45,000 | 45,000 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
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The Isaac and Freda Frankel Memorial Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 January 2021
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from listed investments | 6,546 | 6,546 | 9,519 | 9,519 |
| Other interest receivable | 15,260 | 15,260 | 12,355 | 12,355 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 21,806 | 21,806 | 21,874 | 21,874 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
6. Other income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Tax refunds | 3,242 | 3,242 | 5,788 | 5,788 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| Analysis of grants | ||||
| 2021 | ||||
| £ | ||||
| Achisomoch Aid Company Limited | 15,000 | |||
| North West Sephardish Synagogue | 6,650 | |||
| Be'er Avrohom UK Trust | 5,500 | |||
| Sundry grants (under £5,000) | 23,660 | |||
| ৄৄৄৄৄৄৄৄ | ||||
| 50,810 | ||||
| ৶৶৶৶৶৶৶৶ |
7. Analysis of grants
All the grants were made to charitable institutions in the fields of education and the relief of poverty.
8. Net gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed investments | 4,496 | 4,496 | – | – | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ||
| 9. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 600 ৶৶৶৶ |
600 ৶৶৶৶ |
10. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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The Isaac and Freda Frankel Memorial Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 January 2021
11. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 February 2020 | 199,709 |
| Additions | 19,983 |
| Disposals | (15,867) |
| Fair value movements | (31,756) |
| ৄৄৄৄৄৄৄৄৄ | |
| At 31 January 2021 | 172,069 |
| ৶৶৶৶৶৶৶৶৶ | |
| Impairment | |
| At 1 February 2020 and 31 January 2021 | |
| Carrying amount | |
| At 31 January 2021 | 172,069 |
| ৶৶৶৶৶৶৶৶৶ | |
| At 31 January 2020 | 199,709 ৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Financial assets held at fair value
Listed investments are measured at fair value based on the quoted mid-market values at the year end.
12. Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 26,288 | 22,324 | |
| Other debtors | 218,553 | 204,887 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 244,841 | 227,211 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 13. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 600 | 600 | |
| Other creditors | – | 513 | |
| ৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 600 | 1,113 | ||
| ৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 14. | Financial instruments | ||
| The carrying amount for each category of financial instrument is as follows: | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Financial assets measured at fair value through income and expenditure | |||
| Financial assets measured at fair value through income and | |||
| expenditure | 172,069 ৶৶৶৶৶৶৶৶৶ |
199,709 ৶৶৶৶৶৶৶৶৶ |
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