REGISTERED COMPANY NUMBER: 03609638 (England and Wales) REGISTERED CHA NUMBER: 1071978 Report of the Trustees and Financial Statements forthe Year Ended 31 March 2024 THE UKI CHARITABLE FOUNDATION Mellnek Fine LLP Chartered Accountants statutory Auditors First Floor, Winston House 349 Regents Park Road London N3 IDH
THE UKI CHARITABLE FOUNDATION Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Report of the Trustees 2 to 4 Report of the Independent Audltors ststement of Flnancial Activities Balance Sheet Cash Flow Statement io Notss to the Cash Flow Statement li Notes to the Finandal Statements 12 to 20
THE UKI CHARITABLE FOUNDATION Reference and Admlnlstrative Details FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES V Schimmel (resigned 28.10.24) E Schimmd (resigned 6. 11.24) J Schimmel A Schimmel (resigned 6.11.24) D Conick (appointed 6.11.24) S Simns (appointed 6.11.24) REGISTERED OFFICE 6 Prin5 Park Avenue London NWII OJP REGISTERED COMPANY NUMBER 03609638 (England and Wales) REGISTERED CHARITY NUMBER 1071978 AUDITORS Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House 349 Regents Park Road London N3 IDH SOLICITORS Maurlce Turnor Gardner LLP 15th Flwr Milton House Milton Street London EC2Y 9BH BANKERS Bardays Bank Hc I Churchlll Place London E14 5HP The Cooperative Bank 4th Fl(K)r 9 Pre5COt Street London EI 8AZ Page I
THE UKI CHARITABLE FOUNDATION (REGISTERED NUMBER: 03609638) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also dlrectors of the charity for the purposes of the Companies Act 2006, present their report wlth the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reportlng by Charitles: Statement of Recommended practi applicable to charities preparing their accounts in accordance with the FinarKial Rewrting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The Charltable company was established for charitable purposes which the Trustee5 ch005e to support, at thelr absolute discretion.The charitsble purposes are for the public benefit. The charity's strategy is to manage its investments over the long temi to produ a sustainable income stream to fund future grant making activity. The trustees recognise that this strategy may take several years and that in the meantlme, charltable expenditure leve15 may be variable. The trustees are satisfied that the grants made are wholly in pursult of its charitable alms. Publlc beneflt The trustees have considered the Charity Commission's general guidan on public tenefit and have taken It Into account when managing the charity's activities, reviewing the aim5 and objectives and plannlng for future activlties. Investments The Charity has invested In properties and other Investments to generate income to allow it to make grants to organlsations to enable them to benefit th0 in need. Grantmaking The prlncipal object of the charltable company is to provlde grants to institutlons and Indivlduals as the trustees see fit. Volunteers The charlty does not have any volunteers. ACHIEVEMENT AND PERFORMANCE Charitable activities Over the financlal year ended 31 March 2024, donations totslling £784,981 {2023:£155,500) were made. The net Incoming resources for the year as set t on the Ststement of Financial Activlties (SOFA) were a deflclt of £2,680,326 (2023:£19,018), FINANCIAL REVIEW Reserves policy The trustees reserve policy is to achieve and maintain an appropriate but not excessive level of reserves to support Its activlties, taklng Into account the risks to which it is exsed. The charity holds reserves in the form of funds that are earmarked by the trustees a5 net curront assets. At the year end the charty had unrestritted funds totalling £3,771,685 (2023:£6,452,011). By excluding fixed assets le55 long term liabilitie5 from the total funds, adjusted free reserves are a Surplus of £240,054 (2023:£364,102). Fixed assets (property and investments) is valued at £4,603,008 (2023:£7.369,467). The trustees have reviewed the ca5hflow projectlons of the charity and given the projected flow of rentsl and investment income, the charlty has sufficient cash to meet its commitments as they fall due. FUTURE PLANS The charity's strategy is to manage its investments over the long term to kY0dU a susL3inable income stream to fund future grant-making activity. Page 2
THE UKI CHAIUTABLE FOUNDATION (REGISTERED NUMBER: 03609638) Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is constituted as a company Ilmited by guarantee, regtstered under the Companies Acts. The governing document of the charity 15 the Memorandum and ArtKAe5 of A550Ciation establishing the company under company legislation. The governing document is dated 30 Juty 1998 There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those Imposed by Charlty Law. By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charitie5 legislatlon and have responsibillties, as such, under b()th company and charlty legislation. The trustees are all Indivlduals. Recvuitment and appolntment of new trustees New Trustees are appolnted by the existing board of trustees. Subsequent to the year end, new trustees were appointed. Suitable recruitment and training procedures are being applied by the trustees. The day to day affalrs of the charlty are administered by the Board of Trustees. Decislon making The trustees belleve that the best Interests of the charity are served by focuslng on the investment strategy In aa$ which they are familiar with. All approaches to the charlty for grants are considered carefully and dlscussed at trustee, meetings to assess the sultablllty of the organisation maknng the request. Rlsk management The trustees have Identlfled and reviewed the major risks to which the Charlty Is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that sysians are in pla to mitigate those risks. STATEMENT OF TRusfEES' RESPONSIBILITIES The trustee5 (who are also the director5 of The UKI Charitable Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance wlth applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practi). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charitsble company and of the Incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select sultable accountlng policres and then apply them consistentlyi obseNe the fflethods and prlnclples In the Charity SORP; make judgements and estimates that are reasonable and prudent. prepare the financlal Statements on the going concern basis unless It Is Inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeplng proper accounting records which disclose with reasonable accuracy at any tlme the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companles Act 2006. They are also resnSIble for safeguarding the assets of the charltable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit Information and to establish that the auditors are aware of that inf0mlati(. AUDITORS The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Page 3
ThE UKI CIIARtrABLE FOIINDAIION (REGlSfERED NUMBBL. 113609638) FOR THE YEARENDED 31 MARai 20Z4 This rErt has pryaRd In the rydal 15 rftt CompJnTe5PLt 2(K16 relalin9 to 11 ojmpank ApprthBI by orderofl Lr •rd n¢d ¢n Ilsl)ehDrr by: ) mme1. Tru*ee
Report of the Independent Auditors to the Members of The UKI Charitable Foundation Opinion We have audited the financial statements of The UKI Charitable Foundation (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Acttvities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies, The financial reporting framework that has been applied in their preparation Is appllcable law and United Kingdom Accounting Standards (United Klngdom Generally Apted Accounting Practice). In our opinion the finanaal statements: give a true and fair view of the state or the charitable companvs affairs as at 31 March 2024 and of Its incoming resources and application of resource5, Including its income and expenditure, for the year then ended. have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared In accordance with the requlrements of the Companies Act 2006. Basis for oplnlon We conducted our audft in accordance with Intematlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements sectlon of our report. We are independent of the charitable company in accordance with the ethlcal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibillties in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropiiate to provKJe a basls fr&r our opinion. Concluslons relating to going conom In auditing the financial statements, we have concluded that the trusteeg use of the going concern basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have performed, we have not identified any materlal UnrtaIntieS relating to events or conditions that, individually or collectivelyi may cast significant doubt on the charitable company's abillty to continue as a going conrn for a period of at least twelve months from when the financial statements are authorlsed for iSSLte. Our respon5ibllitles and the responsibllitles of the trustees wlth respect to going concern are described in the relevant sectlons of this report. Other Information The trustees are responsible for the other information. The other information comprises the informatlon included in the Annual Report, other than the financlal statements and our Report of the Independent Auditors thereon. Our opinlon on the financial statements does not cover the other Information and, except to the extent otherwise expllcitly stated in our report, we do not express any form of assurance conclusion thereon. In connectlon with our audit of the flnancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated, If we Klentify such material inconsistencies or apparent material misstatements, we are required to determine whether this glves rise to a material misstatement In the financlal ststements themselves. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are wuired to report that fact. We have nothing to report in thls regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the Information given in the Report of the Trustee5 ft)r the financial year for which the financial statements are prepad 15 consistent with the financial statements; and the Report of the Trustees has en prepared in accordance with alcable legal requlrements. Page 5
Report of the Independent Audltors to the Members of The UKI Charitable Foundatlon Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respert of the following matters where the Companres Act 2006 requires US to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate f(Y our audit have not been reiVed from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; c certain dlsdosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audlt. or the trustees were not entitled to take advantsge of the small companies exemptlon from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responslbllltles of trustees A5 explained more fully in the Ststement of Trustees, Responsibilities, the trustees (who are also the directors of the charltable company for the purposes of company law) are responsible for the preparation of the financlal statements and for being satisfled that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error, In preparing the financlal statements, the trustees are resnsIble for assessing the charltable company's ablllty to contlnue as a going concern, disclosing, as applicable, matters related to going concern and using the golng conrn basls of accounting unless the trustees elther intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do . Page 6
Report of the Tndependent Audltors to the Members of The UKI Charitable Foundation Our responsibilities for the audit of the financial statements Our objectlve5 are to obtsin reasonable assuran atKJut whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to ise a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducied in accordance with ISAS (UK) will always detert a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influen the economic declslons of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, Includlng fraud is detsiled below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the trustees and other management ( a5 required by auditing standards). We had regard to laws and regulations in areas that directly affect the financlal statements including finanaal reporting (including related legislatlon). We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial ststement items. With the exception of any known or possible non-CrMnpllan, and as requlred by auditing standards, our work In respect of these was limited to enquiry of the trustees. We communlcated Identified laws and regulations throughout our team and remained alert to any indScatlons of non-compliance throughout the audit. We addressed the risk of fraud through management override of controls, by te5tlng the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting e5tlmates are indicative of a potentlal blas; and evaluating the business rationale of any signiflcant transadlons that are unusual or outslde the normal course of business. Our audit procedures were designed to respond to risks of material misstatement In the financial statements, recognlslng that the risk of not detecting a material mlsstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through colluslon. There are inherent Ilmltatlons in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions refleited In the financial statements, the less Ilkely we are to become aware of It. A further description of our responslbilities for the audit of the financlal statements Is located on the Financlal Reporting Council's webslte at www.frc.org.ukJauditor5respon5ibilities. This deriptIOn forms part of our Report of the Independent Audltors. Use of our report This report is made solely to the charitable company's members, as a b(KIy* in accordance with Chapter 3 of Part 16 of the Companles Art 2006. Our audit work has been undertaken 50 that we might state to the charitable company's members those matter5 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 responslblllty to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed, Aryeh Melinek (Senior Statutory Auditor) for and on behalf of Melinek Fine LLP Chartered Accountants ststutory Auditors First Floor, Winston House 349 Regents Park Road London N3 IDH Date.. Page 7
THE UKI CHARITABLE FOUNDATION Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted fund 2023 Total fijnds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,245,874 Investment income 359,153 562,066 Total 1,605,027 562,066 EXPENDITURE ON Raising funds 706,456 482,468 Charitable activities Grants to organisatlons 784,981 155,500 Other 27,457 (8,109) Total 1,518,894 629,859 Net gainsl(losses) on Investments (2,766,459) 48,775 NET INCOMEI(EXPENDITURE) (2,680,326) (19,018) RECONCILIATION OF FUNDS Totdl funds brought fornard 6,452,011 6,471,029 TOTAL FUNDS CARRIED FORWARD 3,771,685 6,452,011 The notes fomi part of these financial statements Page 8
THE uia CHAIUTABLE FCAINDATION (REfjZSWEReD NUMBEL. 03OL19638) Balanc4 Sheet 31 MARIJI 2024 2024 Tthl ffiJThJs FJJED ASSErs Inv•&tm•nt£ Investments Investment prop•ty 13 14 978,IJ08 3fi25,1))O 994,467 6,315.01 4,603 7P69,467 Debttys Investrnents Cath ot b•nk 298,026 276,083 184,565 16 199,355 63,182 526,570 758,674 CREDrroRS AmoLmts f4lllng vlthln one year 17 (186,516) (394,572) NEf CURRErff ASSEf8 240.054 364,102 4,813,062 7,733,569 falUNJ after rre than Trir 18 (1.1,377) {1,281,558) NEf ASSErs 3,771,685 6,452,011 PUNDS 21 3,771.695 6,452,011 TOTAL FUNDS 3.711.685 6,452WII subJ&t to the small a)mpank5 rEgime. ents were apwoved by the 8oJnl rf Tn&ges •nd •utlKrfJ for on and Yrtre i*d on Ils behBY ty:
THE UKI CHARITABLE FOUNDATION Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note5 Cash flows from operating activlties Cash generated from operations Interest paid 63,157 (92,750) (93,557) (79,476) Net cash used in operating activities (29,593) (173,033) Cash flows from investlng activltles Purchase of fixed asset investments Interest received (185,929) 105,300 118,391 Net cash provided by/(used in) investlng activities 118,391 (80,629) Cash flows from financing activities Loan repayments in year (210,181) (210,768) Net cash used in financing activltles (210,181) (210,768) Change in cash and cash equivalents In the reportlng period Cash and cash equivalents at the beglnning of the reporting period (121,383) (464,430) 184,565 648,995 Cash and cash equivalents at the end of the reportlng perlod 63,182 184,565 The notes form part of these finanaal statements Page 10
THE UKI CHARITABLE FOUNDATION Notss to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(galn) on investments Interest received Interest paid Decrease in debtors Decrease In creditors {2,680,326) (19,018) 2,766,459 (118,391) 92,750 110,721 <108,056) (48,775) (105,300) 79,476 152,235 (152,175) Net cash provided byl(used in) operatlons 63,157 (93,557) ANALYSIS OF CHANGES IN NET DEBT At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank 184,565 (121,383) 63,182 184,565 (121,383) 63,182 Llquld resources Deposits included in cash Current asset Investments 276,083 (76,728) 199,355 276,083 (76,728) 199,355 Debt Debts falling due wlthin l year Debts falling due after l year (220,000) (1,281,558) (220,000) (1,071,377) 210,181 (1,501,558) 210,181 (1,291,377) Totsl (1,040,910) 12,070 (1,028,840) The notes ftKm part of th&5e financial statements Page 11
THE UKI CHARITABLE FOUNDATION Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable companyi which is a public Eenefit entty under FRS 102, have been prepared in accordance with the Charitie5 SORP (FRS 102) 'Accounting and Reporting by Charitie5.' Statement of Recommended Practi applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Ret)orting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The flnancial statements have been prepared under the historical cost convention, wlth the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognlsed In the Statement of Financial Activities On the charity has entitlement to the funds, it is probable that the Income will be recelved and the amount can be measured rdiably. Gross income consists of Investment Income arising from the charity'5 assets. Income is categorised as income from investment and other income and is recogni5ed in the statement of financial activitie5 (SOFA) on a recelvable basis, when a transaction or other event results in an increase in the charity's assets or a reductlon in its liabllities and only when the charlty has legal entitlement, the income is probable and can be measured reliably. All income is accounted for gross, before deducting any related fees or costs. Expendlture Llabilities are recogni5ed as expenditure as soon as there is a legal or construttive obllgatlon committlng the charity to that expenditure, it is probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligatlon can be measured reliably. Expenditure is accounted for on an accrua15 bas15 and has been dassified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to actlvities on a basis consistent wlth the use of resourtts. Allocating costs to actlvlties Direct costs that are spcclfically related to an activity are allated to that artivlty.Shared direct costs and support costs are apportioned between activities. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Fixed asset investments Fixed asset Investment properties and slmilar investments are shown inltially at cost upon acqulsition and at thelr market value at the balance sheet date, at the end of the financial period. Investment propertles are not depreciated. The main investment propety is carried at fair value with referen to the trustees valuation. The change in fair value ha5 been recognised in the year. Taxation The charity Is exempt from corp)ration tax on its charltable activities. The Trustees consTrder that the charity satisfies the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the charityls wtentially exempt from taxation in respect of income or capltal gains reiVed wlthin categories Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the disctIOn of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when speclfied by the donor or when funds a raised for particular restricted purposes. Further explanation of the nature and pUrSe of each fund 15 irKluded in the notes to the financial statements. Page 12 continued...
THE UKI CHARITABLE FOUNDATION Notes to the Financlal Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Going concern As part of the trustees a5wsment of going COnrn. the trustees have revlewed the cash flow projection5 of the charity. In light of the projected flow of rentsl income and the curnt and future committed support from the charity's lender, the Co-operative Banl it Is the opinion of the trustees, that the charlty has sufflcient cash to meet its commitments as they fall due. Future assumption continues to be that the income will contlnue from the charity's investments, and the risks are subject to ensuring that lessees continue to be suitable for letting to tenants. Debtors Debtors are measured at their recoverable amounts at the balan sheet date. Creditors A Ilability, and related expenditure, Is recognised when a legal or constructive obllgatlon exists as a resuSt of a past event, and when it is more likely than not that a transfer of economic benefits will be required in seitlement, and when the amount of the obllgation can be measured or reliably estimated. Short term credltors are measured at transaction Pr1 (which is usually the invoice price). Forelgn currencies Transactlons in foreign currencies are recognised at the rate ruling at the date of the transaction. Monetary assets and liabilitles denomlnated in foreign currencies are translated at the rate of exchange ruling at the balan sheel. date. All differences are taken to the profit and loss account. Winding up or dissolutlon of the charity If upon winding up or dissolution of the charity there remaln any assets, after the 5atfsfaction of all debts and 113bilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodles havlng simllar objects to the charity. Signlficance of financial Instruments to the charity's Posltion The charlty only has financlal assets and financial liabilities of a kind that qualify as baslc financial Instruments, Baslc financial instruments are Initially recognised at transartion value and subsequently measured at their settlement value. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The charity makes certain estlmates and assumptions regardlng the future. Estimates and judgements are continually evaluated based on hlstorical experience and other fattors, including expectation of future events that are belleved to be reasonable under the arCumstan5. In the future, attual experientr may differ from these estlmates and assumptions. The estimates and assumptions that have a slgnificant risk of causing a materlal adjustment to the Carrng amounts of assets and liabllities within the next financial year are discussed below. Investment properties Investment propertles are valued by the trustees with referen to current market rents and yield5 for slmilar properties, in addition to avallable information in respect of resale value5 and property speclfic factors such as locatlon and condition of the property. Therefore the valuations are 5ubJert to a degree of Unrtainty, particularly In periods of difficult market or economic conditlons. Investments The company makes an estimate of the fair value of unlisted Investmen When assesslng fair value of such investments, management considers factor5 includlng the current net assets and profitability of the investment. Debtors Debtors are measured at transaction pri, less any impaimient. Loans Notes re[Vable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effettive interest method, less any impairment. The estimatii)n of impairments is such that actual outcomes could differ significantly from those estÉmates. Page 13 continued...
THE UKI CHARITABLE FOUNDATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations 1,245,874 INVESTMENT INCOME 2024 2023 Rents received Income from lease extensions Interest received Insurance reImburment Commission received 232,233 3,667 118,391 4,617 245 435,085 21,325 105,300 356 359,153 562,066 RAISING FUNDS Investment management costs 2024 2023 Property lettlng and management fees other property outgoings Insurance Professional fees Property rate5 and Serv1 charges Interest payable and similar charge5 9,205 788 23,185 19,029 545,040 109,209 10,927 211 3,808 25,119 362,927 79,476 706,456 482,468 CHARITABLE AcfiviTIES COSTS Grant fundlng of activities (see note 7) Grants to organisations 784,981 GRANTS PAYABLE 2024 2023 Grants to organlsatlons 784,981 155,500 Page 14 continued...
THE UKI CHARITABLE FOUNDATION Notes to the Financial Statements - contlnued FOR THE YEAR ENDED 31 MARCH 2024 GRANTS PAYABLE - continued The total grants paKI to institutions during the year was as follows: 2024 2023 KKL Charity Accounts Asser Bishvil Foundatlon Achisomoch Ald Company Noa Girls Britlsh Friends of Zaka Quintessentially Foundation Torah Chesed Refuah CIO JNF Charitable Trust 426,481 79,000 9,000 2,500 15,900 5,000 44,100 358,5CrfJ 784,981 155,500 SUPPORT COSTS Governance COSt5 Other resourtrs expended 5,748 NET INCOME/(EXPENDITURE) Net Incomel(expenditure) is ststed after chargingl(credlting): 2024 2023 Auditors, remuneratlon Exchange rate varian 5,500 21,709 5,000 (13,269) 10. TRUSTEES, REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 11. srAFF COSTS There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 15 continued,..
THE UKI CHARrrABLE FOUNDATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrivrrIES Unrestrirted fund INCOME AND ENDOWMENTS FROM Investment income 562,066 EXPENDrruRE ON Raising funds 482,468 Charltable activlties Grants to organi5atlons 155,500 Other (8,109) Totsl 629,859 Net galns on Investments 48,775 NET INCOMEI(EXPENDITURE) (19,018) RECONCILIATION OF FUNDS Total funds brought forward 6,471,029 TOTAL FUNDS CARRXED FORWARD 6,452,011 13. FIXED ASSET INVEsfMENTS Unlisted Investments MARKET VALUE At l April 2023 Revaluatlons 994,467 (16,459) At 31 March 2024 978,008 NET BOOK VALUE At 31 March 2024 978,008 At 31 March 2023 994,467 All fixed at5 Investment are held outside the UK. Page 16 continued...
THE UKI CHARITABLE FOUNDATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVEsfMENTS - continued Cost or valuation at 31 March 2024 is represented by: Unlisted nvestments Valuatlon in 2022 Valuation in 2023 Valuation in 2024 Cost 5,965 48,775 (16,459) 939,727 978,008 In the oplnion of the trustees, the aggregate value of the investmentsls not less than the amount Included In the balance Sheet. 14. INVESTMENT PROPERTY FAIR VALUE At l April 2023 Impalrments 6,375,000 (2,750,000) At 31 March 2024 3,625,000 NET BOOK VALUE At 31 March 2024 3,625,000 At 31 March 2023 6,375,000 The investment propertles has been valued by tnjstees at the year at £3,625,OCM). The valuation of the investment property is ba*d on the market value in accordan with the followlng definition: The estimated amount for which an asset or liability should exchange on the valuation date btheen a willing buyer and a willlng seller in an arm's length transaction. 15. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors Prepayment5 arKI accrued income 56,008 208,025 99,573 198,453 264,033 298,026 Page 17 continued..
THE UKI CHARITABLE FOUNDATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 16. CURRENT ASSET INVESTMENTS 2024 2023 other investments 199,355 276,083 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 19) VAT Other credltors Accruals and deferred Income 220,000 2,507 3,762 60,247 220,000 30,429 3,701 140,442 286,516 394,572 18. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 19) 1,071,377 1,281,558 19. LOANS An analysis of the maturity of loans is glven below: 2024 2023 Amounts falllng due within one year on demand: Bank loans 220,000 220,000 Amount5 falllng between one and IMO years: Bank loans - 1-2 years 1,071,377 440,000 Amounts falllng due belNieen two and five years: Bank loans - 2-5 years 660,000 Amounts falling due In more than five years: Repayable by instalments: Bank loans more 5 yr by instal 181,558 20. SECURED DEBTS The followlng secured debts are inclLtded within creditors: 2024 2023 Bank loans 1,291,377 1,501,558 Bank loans are secured on the charity's investMt properties. Page 18 continued...
THE UKI CHARABLE FOUNDATION Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 21. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 6,452,011 (2,680,326) 3,771,685 TOTAL FUNDS 6,452,011 {2,680,326) 3,771,685 Net movement in funds, included in the above are as follows: Incomlng resources Resources expended Galns and 1055es Movement in funds Unrestricted funds General fund 1,605,027 (1,518,894) (2,766,459) (2,680,326) TOTAL FUNDS 1,605,027 {1,518,894) (2,766,459) (2,680,326) Comparatives for movement In funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 6,471,029 (19,018) 6,452,011 TOTAL FUNDS 6,471,029 (19,018) 6,452,011 Comparatlve net movement in funds, induded In the atK)ve are as folk)ws: Incoming resources Resources expended Gains and losses Movement in fijnds Unrestricted funds General fund 562,066 (629,859) 48,775 (19,018) TOTAL FUNDS 562,066 (629,859) 48,775 (19,018) Page 19 continued...
THE UKI CHARITABLE FOUNDATION Notes to the Flnancial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 22. RELATED PARTY DISCLOSURES During the year the year UKI Charitable Foundation received £460,000 (2023:£nil) In donations from a charity with common trustees. 23. ULTIMATE CONTROLLING PARTY The charity is a company limited by guarantee. The members of the company are the trustees. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. Page 20