COMPANY REGISTRATION NUMBER: 3061994 CHARITY REGISTRATION NUMBER: 1047321 Freebee Foundation Ltd Company Limited by Guarantee Unaudited Financial Statements 31 May 2024 HAFFNER HOFF LTD Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 OTL
Freebee Foundation Ltd Company Limited by Guarantee Financial Statements Year ended 31 May 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Freebee Foundation Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 May 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 May 2024. Reference and administrative details Regislered charily name Freebee Foundation Ltd Charity registration number 1047321 Company registration number 3061994 Principal office and registered 1 st Floor office 47 Bury New Road Prestwich Manchester M25 9JY The trustees Rabbi S Goldberg N Younger Rabbi Y U Emanuel Mrs Z Newman (Appointed 22 July 2024) Company secretary N Younger Independent examiner Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 OTL
Freebee Foundation Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 May 2024 Structure, governance and management Freebee Foundation Ltd is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 26 May 1995 as a company and the company number is 3061994. It was registered as a charity on 16 June 1995 with a charity number 1047321. Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the truslees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation. There is no chief executive officer. The day to day affairs are undertaken by Mr N Younger on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity's employees are the sole domain of the trustees. There are no policies for the induction or training of new trustees. Risk review The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust. and are satisfied that systems are in place to manage our exposure to the major risks. The risks faced by the trust are principally operational risks from lending money to someone who may not repay the loan. These risks are managed by the trustees researching each borrower prior to lending any funds as well as obtaining two guarantors for each loan. Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
Freebee Foundation Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 May 2024 Objectives and activities The objects of the charity are the relief of poverty amongst members of the Jewish community in Greater Manchester by the provision in particular. but without limitation, of granls, stipends, goods, food and interest free loans; the provision of financial assistance to charitable bodies and institutions and educational establishments. Public benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year. Granl making policy There were no grants paid out this year. The trustees consider they have met the public benefit test and outline these achievements below. The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity.
Freebee Foundation Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 May 2024 Achievements and performance The charity received £33,589 in donations and grants. The charity also received £497 from bank interest receivable. The charity paid oul £34,049 in direct charitable activity, support costs and governance costs incurred during the year. The charity has adopted a trading stye of "Jcommerce" to reflect the support requested by beneficiaries. This involves strengthening their ability to support themselves through enhanced earnings channels by arranging speakers. events and mentoring. The charity offers workshops and events to enable people to become economically self sufficient and enhance the financial resilience of the self employed. The charity has low governance costs comprising professional fees incurred during the year. The trustees would like to record their appreciation to local businessmen for their office and administration support provided free of charge during the year. There were no investments made during the year. There were no material fundraising costs during the year. The charity was successful in its aims of relief of personal hardship by advancement of loans, and support to assist people to establish a livelihood through loans of less than three years duration. At the year end the balance owing to the charity by way of interest free loans extended was £54.504. Related party transactions in the reporting period, are reported in the notes. There was an overall net income and net movement in funds for the year amounting to £37, with a net expenditure of £12,898 in the unrestricted fund and an income of £12,935 in the restricted fund. Financial review The trustees feel that the activity reflects the profile and standing within the local community- The impact for future year's expenditure is self evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year. Reserves policy The Unreslricted Fund represents the unrestricted funds arising from past operating results. represents the free reserves of the charity and the trustees would normally be looking for reserves equivalent to fifty percent of the amounts due to it's creditors. The free reserves being the net current assets stand at £54.835. of which £18,900 is restricted and £35,935 is unrestricted.
Freebee Foundation Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 May 2024 The trustees, annual report and the strategic report were approved on 30 September 2024 and signed on behalf of the board of trustees by= N Younger Trustee
Freebee Foundation Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustees of Freebee Foundation Ltd Year ended 31 May 2024 I report to the trustees on my examination of the financial statements of Freebee Foundation Ltd I'the charity'l for the year ended 31 May 2024. Responsibililies and basis of report As the trustees of the company (and also its directors for the purposes of company lawl you are responsible for the preparalion of the financial statements in accordance with the requirements of the Companies Act 2006 {'Ihe 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 the 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 145151{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: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act" or the financial statements do not accord with those records. or the financial statements 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 the financial statements 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. Mr Howard Schwalbe ACA Independent Examiner 2nd Floor- Parkgates Bury New Road Prestwich Manchester M25 OTL 30 September 2024
Freebee Foundation Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 May 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Nole Income and endowmenls Donalions and legacies Inveslment income 14,689 497 18,900 33,589 497 12,292 462 Total income 15.186 18.900 34.086 12,754 Expendilure Expenditure on charitable activities Tolal expenditure 28.084 5,965 34.049 8.297 28.084 5,965 34,049 8.297 Net income and net movement in funds (12.898} 12,935 37 4.457 Reconciliation of funds Total funds brought fOard Tolal funds carried forward 48.833 5.965 54.798 50,341 35.935 18,900 54,835 54,798 The statement of financial activrties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages g to 15 form part of these flnanclal slatements.
Freebee Foundation Ltd Company Limited by Guarantee Statement of Financial Position 31 May 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 13 54,504 98,314 94,018 69,823 152,818 163.841 Creditors: amounts falling due within one year Net current assets 14 97,983 109,043 54.835 54,798 Toial asseis less currenl liabililies 54.835 54,798 Nel assets 54,835 54,798 Funds of the charity Restricted funds Unreslricted funds 18,900 35,935 5,965 48,833 Total charity funds 15 54.835 54,798 For the year ending 31 May 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibilities- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their restK)nsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on 30 September 2024, and are signed on behalf of the board by: N Younger Trustee The notes on pages g to 15 form part of these flnanclal slatements.
Freebee Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 May 2024 General information The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 1 st Floor, 47 Bury New Road. Prestwich, Manchester, M25 9JY. Stalement 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 IFRS 1021 (Charities SORP {FRS 102)) and the Companies Act 2006. 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 chariws ability to continue. Fair value Debtors and creditors are stated at fair value. Judgements and key sources of estimalion uncertainty The preparation of Ihe financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported. Fund accounting Unrestricted funds are available for use al 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.
Freebee Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 May 2024 Accounting policies (conllnued) 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 entitlemenl to the gift, receipt is probable and its amount can be measured ieliably. 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 seNices 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 seNices 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, non- charitable trading aclivilies, 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. 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 cosls attributable lo a single aclivily are allocated directly to that activity. Shared cosls are apporlioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party io the contractual provisions of the instrument. 10-
Freebee Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 May 2024 Accounting policies (conllnued) Financial instruments (contin4d) 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 ol financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and olher financial assets that are individually significant, Ihese are assessed individually for impairment. Olher 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. Limited by guarantee Freebee Foundation Ltd is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up. members are required to contribute an amount not exceeding £10. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations 14.689 14,689 11
Freebee Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 May 2024 Donations and legacies (contlnued) Unrestricted Funds Restricted Total Funds Funds 2024 Grants Grants receivable 18,900 18,900 33,589 14,689 18,900 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 2.412 2,412 Grants Grants receivable 9,880 9,880 2,412 9,880 12,292 Investment income Unrestricted Tolal Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 497 497 462 462 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Sundry office costs Support costs 27.215 869 5,965 33,180 869 28,084 5,965 34,049 Unrestricted Funds Restricted Total Funds Funds 2023 Sundry office costs Support costs 3,909 473 3,909 4,388 3,915 4.382 3,915 8,297 12-
Freebee Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 May 2024 Expenditure on charitable activities by activily type Activities undertaken directly Support costs Tolal funds 2024 Total fund 2023 Sundry office costs Governance costs 33.180 269 600 33,449 600 7,839 458 33,180 869 34,049 8,297 Analysis of support costs Analysis of supporl costs Total 2024 Total 2023 General office Governance costs 269 600 269 600 3,930 458 869 869 4,388 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 600 11. Staff costs The average head count of employees during the year was Nil {2023- Nill. No employee received employee benefits of more than £60.000 during the year {2023: Nil)- 12. Truslee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 13. Deblors 2024 2023 Other debtors 54,504 94.018 13-
Freebee Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 May 2024 14. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 600 97,383 97,983 460 108,583 109,043 15. Analysis of charitable funds Unrestricled funds At 1 June 2023 Al Income Expenditure 31 May 2024 General funds 48,833 15.186 {28,084) 35,935 At 1 June 2022 At Income Expenditure 31 May 2023 General funds 50,341 2,874 14,382) 48,833 Restricted funds At 1 June 2023 Al Income Expenditure 31 May 2024 Restricted fund - grants receivable 5.965 18.900 (5,965) 18,900 At 1 June 2022 At Income Expenditure 31 May 2023 Restricted fund - grants receivable 9.880 (3,915) 5,965 14-
Freebee Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 May 2024 16. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assels 152,818 (97,983) 54,835 152,818 (97,983) 54,835 Unrestricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net asseis 163,841 {109,043) 54,798 163,841 (109,043) 54,798 17. Related parties Gold Pro Services Ltd, is a UK company owned and managed by Mr Y Goldberg. son of Rabbi S Goldberg, trustee of Freebee Foundation Ltd. During the year Gold Pro Services Ltd received £2,412 in professional fees. 18. Taxalion Freebee Foundation Ltd is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities. as it falls within the various exemptions available to registered charities. 15-