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2022-04-05-accounts

Charity Registration No. 1014231

THE JOE & ROSA FRENKEL CHARITABLE TRUST ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

THE JOE & ROSA FRENKEL CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr L Frenkel
Mr I Freeman
Ms S J Clark
Ms M Sacks
Dr M Burstow
Dr D Polisar
Mrs A M Frenkel
Mr B Heilpern
Charity number 1014231
Auditor Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
Address for enquiries Ms S Clark
10 Fir Tree Court
Allum Lane
Elstree
WD6 3NF

THE JOE & ROSA FRENKEL CHARITABLE TRUST CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Consolidated Statement of financial activities 8
Consolidated Balance sheet 9
Charity Balance sheet 10
Consolidated Statement of Cash flows 11
Notes to the consolidated financial statements 12 - 19

THE JOE & ROSA FRENKEL CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their report and the consolidated financial statements of the charity for the year ended 5 April 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The aims and objectives of this trust in accordance with the law relating to charities are to support:

  1. Jewish organisations within the U.K. and worldwide, in particular:

  2. a. Those helping people suffering hardships, including racial prejudice.

  3. b. Those involved in the protection and empowerment of women.

  4. Jewish and other charities:

  5. a. Working in the field of education

  6. b. Working in the field of ecology

  7. c. Doing lifesaving work

At their bi-annual meetings the Trustees review the activities and objectives of their proposed donees, including their financial position and accounts. Donees of substantial funds are expected to provide written reports or to make presentations for their requests so that these are fully considered and evaluated. Follow up reports are requested to review how projects are progressing. Visits are also made to donees when possible so as to have a more detailed understanding of their activities and to monitor progress of projects which the Trustees have supported. In carrying out these activities the Trustees are mindful of their obligations that payments made are for charitable purposes as defined by the Act and the Commission's public benefit guidance. The Charity constitutes a public benefit entity as defined by FRS 102.

Achievements and performance

The largest donations made during the year was £25,000 to both the Jerusalem College of Technology and the Central British Fund for World Jewish Relief. The total amount donated by the Trust during the year was £262,001 (2021: £514,288). Income arose from investments.

-1-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Financial review

The reserves of the Trust are split between the endowment fund and the general unrestricted fund.

The trustees have the power to invest in such stocks, shares, investments and property as they see fit. In general, the objective is to achieve a return at least equal to inflation and to maintain the capital values as adjusted for inflation. Investment income is included in the general fund and is available for distribution by the trustees at the twice yearly meeting. Any investment income not distributed remains in the general unrestricted fund and is available for distribution at subsequent trustees' meetings.

Capital gains, both realised and unrealised are retained in the capital fund and reinvested. The trustees can amend this policy by a unanimous decision.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained so as to enable it to provide funding for emergency appeals as and when required. The amount reserved is reviewed at each trustees' meeting after considering requests made by organisations and other issues which may affect the level to be set aside. The trustees consider that such a reserve will enable them to make donations if such an emergency arises. Based on income generated from the endowment fund the trustees' believe they will be able to continue the charity’s current activities while setting aside funds for contingencies.

Risk management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The principal risk faced by the Charity lies in the performance of its investments. The trustees consider that the variability of investment returns and currency changes on the permanent endowment to constitute the Charity's major financial risks. Both risks are mitigated by retaining experienced and expert investment managers and having a diversified investment portfolio.

Future plans

The Trust has no plans to change its current objectives and activities and intends to continue making donations as long as income is available.

Structure, governance and management

The Trust is constituted under a Trust Deed dated 18th August 1992.

Trustees are selected and appointed by invitation from the current trustees. A trustee can retire at any time they see fit.

This Trust has been funded up to the present time by the founding family.

In the opinion of the trustees, the charity is not exposed to any significant risks other than the vicissitudes of the Stock Markets.

-2-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Structure, governance and management (continued)

The trustees who served during the year were: Mr L Frenkel Mr I Freeman Ms S J Clark Ms M Sacks Dr M Burstow Dr D Polisar Mrs A M Frenkel Mr B Heilpern

The Charity has no staff and operates by trustee meetings both formal and informal.

Grant making policies

Trustees meet at least twice a year to assess grant applications and to review and approve the making of additional and new donations. The trustees prefer to provide support to organisations where the grants and donations can make a significant impact on the activities of that charity or organisation. On occasions a registered charity, their trustees or staff, are invited to attend and review and discuss the activities of their organisation.

Statement of Trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these accounts, the trustees are required to:

-3-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Statement of Trustees’ responsibilities (continued)

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' report was approved by the Board of Trustees.

Mr I Freeman

Trustee

Approved on 28 November 2022

-4-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE JOE & ROSA FRENKEL CHARITABLE TRUST

Opinion

We have audited the group and charity financial statements of The Joe & Rosa Frenkel Charitable Trust (the ‘charity’) for the year ended 5 April 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheet, the Consolidated Statement of Cash Flows and the 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and 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 accounts 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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.

-5-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE JOE & ROSA FRENKEL CHARITABLE TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees 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 charity’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including Fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-6-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE JOE & ROSA FRENKEL CHARITABLE TRUST

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

Other matters which we are required to address

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ahsan Miraj

for and on behalf of Bright Grahame Murray

Chartered Accountants Statutory Auditor

Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG

Date: 5 December 2022

Bright Grahame Murray is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006

-7-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

Unrestricted Endowment
funds
funds
Notes
£
£
Income from:
Donations
2
-
-
Dividends and interest from investments
3
564,771
-
Net realised (loss) / gain from disposal of
investments
6
-
(513)
Total income and endowments
564,771
(513)
Expenditure on:
Charitable activities
4
312,185
25,952
Net unrealised gains on investments
9
-
1,435,670
Net movement in funds
252,586
1,409,205
Fund balances at 6 April 2021
18
2,039
17,404,537
Fund balances at 5 April 2022
254,625
18,813,742

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

-8-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED 5 APRIL 2022

Notes
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets/(liabilities)
Total assets less current liabilities
Capital funds
Endowment funds - general
14
Income funds
Unrestricted funds
15		 £
4,925
1,951,987
1,956,912
(25,100)		 2022
£
17,136,555
1,931,812
19,068,367
18,813,742
254,625
19,068,367		 Restated
2021
£
£
14,954,157
10,324
2,595,712
2,606,036
(153,617)
2,452,419
17,406,576
17,404,537
2,039
17,406,576

The financial statements were approved by the Trustees on 28 November 2022

Mr I Freeman

Trustee

-9-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

CHARITY BALANCE SHEET

FOR THE YEAR ENDED 5 APRIL 2022

Notes
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets/(liabilities)
Total assets less current liabilities
Capital funds
Endowment funds - general
14
Income funds
Unrestricted funds
15		 £
4,161
471,882
476,043
(18,600)		 2022
£
18,610,924
457,443
19,068,367
18,813,742
254,625
19,068,367		 £
10,324
83,124
93,448
(141,350)		 2021
£
17,454,478
(42,202)
17,406,576
17,404,537
2,039
17,406,576

The financial statements were approved by the Trustees on 28 November 2022

Mr I Freeman Trustee

-10-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2022

£
Cash flows from operating
activities
Cash absorbed by operations
Investing activities
Proceeds on disposal of investments
369,531
Purchase of investments
(1,116,772)
Investment income
564,771
Cash included with gift received
-
Net cash (absorbed)/ generated
from investing activities
Net (decrease)/increase in cash and
cash equivalents
Cash and cash equivalents at
beginning of year
Cash and cash equivalents at end of year
Cash absorbed from operations
Surplus for the year
Adjustment for:-
Investment income recognised in
statement of financial activities
Gift received
Loss/(Gain) on disposal of investments
Fair value gains and losses on
investments
Movements in working capital:
Decrease in debtors
Decrease)/increase in creditors
Cash absorbed by
operations		 2022
£
(461,255)
(182,470)
(643,725)
2,595,712
1,951,987
__
1,661,791
(564,771)
-
513
(1,435,670)
5,399
(128,517)
(461,255)
 £
7,233
(12,507)
273,482
2,505,821


 2021
£
(431,375)
2,774,029
2,342,654
253,058
2,595,712
__
9,035,041
(273,482)
(7,600,786)
(115,563)
(1,584,178)
3,929
103,664
(431,375)

-11-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Joe & Rosa Frenkel Charitable Trust is constituted under a Trust Deed and registered with the Charity Commission under registration number 1014231.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.

1.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds would be subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds are subject to the specific condition by the founding family that the unrealised gains from investments must be maintained within the charity.

1.4 Basis of consolidation

These financial statements consolidate the results of the Charity and its wholly owned subsidiaries.

The consolidated financial statements have been prepared using the acquisition method of accounting from the financial statements of the Charity and its subsidiary. Intra group transactions have been eliminated on consolidation.

No separate Statement of Financial Activities is presented for the Charity because the Charity has taken advantage of paragraph 397 of SORP 2005. The Charity had incoming resources of £564,258 (2021: £6,129,564), expenditure of £312,185 (2021: £522,939), other profits/(losses) of £1,409,718 (2021: £3,428,416) and net movement in funds of £1,661,791 (2021: £9,035,041) for the year.

-12-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies (continued)

1.5 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the receipt of the donation.

Legacies would be recognised on receipt or otherwise if the charity has been notified of an impending donation, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.6 Capital donations

Capital donations are accounted for when the charity is entitled to the income and are added to the endowment fund to be invested. They are not available currently for distribution by the trustees (see "fund accounting" below).

1.7 Resources expended

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity.

Governance costs include the costs of governance arrangements that relate to the general running of the charity. These activities provide the governance infrastructure that allows the charity to operate and to generate the information required for public accountability.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised within the endowment fund for the year.

Investments listed on a recognised stock exchange are included at mid-market value. Any gain or loss on revaluation is taken to the statement of financial activities. Investment income is accounted for in the period in which the charity is entitled to receipt.

Investment in subsidiary is measured at fair value which equates to shareholders funds at the balance sheet date. Changes in value are recognised in the statement of financial activities.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

-13-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1.11 Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling at the date of the transaction. Exchange differences are taken into account in the statement of financial activities.

1.12 Fund accounting

The Trust holds a general fund that comprises undistributed income, a capital fund that comprises the capital provided to the Trust, unrealised gains and losses on investment assets and foreign currency. The trustees can make transfers from the capital fund to the general fund only by their unanimous approval.

2 Donations received

Gift from The Life Trust
Investments
Income from listed investments
Interest receivable
Charitable activities
a) Unrestricted funds
Investment Management and administration fees
Accountancy and professional fee
Audit fees
Bank charges
Governance costs
Foreign exchange losses
Donations payable		 2022
£
-
2022
£
564,020
751
564,771
2022
£
24,739
11,840
12,000
361
48,940
1,244
262,001
312,185		 2021
£
7,600,786
2021
£
273,177
305
273,482
2021
£
9,541
-
9,940
392
19,873
4,807
514,288
538,968

3 Investments

4 Charitable activities

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THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

4 Charitable activities - continued

b) Endowment funds
Investment Management and administration fees
Accountancy and professional fees
Corporate registration costs
Governance costs		 2022
2021
£
£
20,896
-
2,000
-
3,056
-

25,952
-

5 Grants payable

Donations are made to charities who meet the objectives of the Charity.

6 Net movement in funds 2022 2021
£ £
Net movement in funds is stated after charging/(crediting)
(Loss)/Gain on disposal of investments (513) 115,563

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

There were no employees during the year.

9 Net unrealised gains on investments

2022 2021
£ £
Revaluation of investments 1,435,670 1,584,178

-15-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

10 Fixed asset investments

Movement in fair value

Movement in fair value
2022
Group
£
Fair value at 6 April 2021
14,954,157
Additions/acquisitions
1,116,772
Disposals
(370,044)
Valuation changes
1,435,670
Fair value at 5 April 2022
17,136,555		 2021
£
8,156,535
5,112,972
(21,947)
1,706,597

14,954,157
Charity
Cost or valuation
At 6 April 2021
Additions
Valuation changes
Disposals
Post acquisition dividend received
At 5 April 2022		 Listed
investments
Unlisted
investments
Investment in
Subsidiary
£
£
£
7,302,256
2,551,436
7,600,786
1,116,772
-
-
1,262,986
172,684
(25,952)
(370,044)
-
-
-
-
(1,000,000)
9,311,970
2,724,120
6,574,834


 Total
£
17,454,478
1,116,772
1,409,718
(370,044)
(1,000,000)
18,610,924

All investments are carried at their fair value. Listed investments in equities and fixed interest securities are all traded in public quoted markets. The basis of fair value for quoted investments is equivalent to the market value, using the mid market price. Asset purchases are recognised at the date of trade at cost (that is their transaction value). Asset sales are recognised at the amount of the net proceeds.

Unlisted investments are initially measured at transaction price and are subsequently measured at fair value at the balance sheet date. Changes in value are recognised in the statement of financial activities.

Investment in subsidiary is measured at fair value which equates to shareholders funds at the balance sheet date. Changes in value are recognised in the statement of financial activities.

Material investment holdings

At 5 April 2022 the following investments represent more than 5% of the group portfolio by market value:

%
Winning Moves International Limited
27.96
Ingenuity Property Inv Limited
13.70
___		 Value
£
5,100,465
2,613,190
___

-16-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

11 Debtors


Amounts
Withheld tax recoverable
Other debtors		 Group
2022
£
4,161
764
4.925
 2021
£
10,324
-
10,324
 Charity
2022
2021
£
£
4,161
10,324
-
-
4,161
10,324

 Charity
2022
2021
£
£
4,161
10,324
-
-
4,161
10,324
10,324

12 Creditors: amounts falling due within one year


Accruals and deferred income		 Group
2022
2021
£
£
25,100
153,617
25,100
153,617

 Charity
2022
£
18,600
18,600
 2021
£
141,350

141,350

13 Commitments

At year end the charity had commitments to a number of organisations to donate the sum of £89,040 (2021: £124,967) over the following two years.

14 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds

Balance at 6
April 2021
£
Group- Restated
17,404,537
Charity
17,404,537		 Incoming
resources
£
(513)
(513)		 Resources
expended
Revaluations
gains and
losses
Balance at 5
April 2022
£
£
£
25,952
1,435,670
18,813,742
-
1,409,718
18,813,742

-17-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

15 Unrestricted income funds

Balance at
6 April 2021
Incoming
resources
Outgoing
resources
£
£
£
Group- Restated
General funds
2,039
564,771
312,185
_
_
_
Charity
General funds
2,039
564,771
312,185


 Balance at
5 April 2022
£
254,625
____
254,625

The unrestricted fund comprises of investment income received, less donations paid, investment management costs and governance costs.

The balance at 6 April 2021 for the group are restated as set out in note 18.

16 Analysis of net assets between funds

General
unrestricted
Endowment
fund
Group
£
£
Fund balances at 5 April 2022 are represented by:
Investments
-
17,136,555
Current assets
254,625
1,677,187
_
_
254,625
18,813,742
_
_
harity
General
unrestricted
Endowment
fund
£
£
Fund balances at 5 April 2022 are represented by:
Investments
-
18,610,924
Current assets
254,625
202,818
254,625
18,813,742		 Total
£
17,136,555
1,931,812
_
19,068,367
_
Total
£
18,610,924
457,443
19,068,367

Charity

-18-

THE JOE & ROSA FRENKEL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

17 . Subsidiary company

Owlsia Limited

The charity owns 100% of Owlsia Limited, which is incorporated in the British Virgin Islands, following the gift of its shares by The Life Trust at 5 April 2021.

A summary of its results are shown below:

Total income
Total expenses
Dividends paid to the Charity		 2022
£
279,600
(25,952)
(1,279,600)
(1,025,952)
____

The aggregate of its assets, liabilities and funds at 5 April 2022 were:

Assets
Liabilities		 £
6,581,334
(6,500)
_6,574,834

18. Prior year adjustment

Consolidated balance sheet only

Unrestricted
fund
Endowment
fund
£
£
Fund balances as previously reported 6 April 2021
108,913
17,297,663
Transfer between funds
(106,874)
106,874
Fund balances as restated 6 April 2021
2,039
17,404,537		 Total
£
17,406,576
-
17,406,576

The transfer between funds represents a realised gain on the liquidation of the charity’s investment in Jorfect Limited in 2021.

-19-