Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
COMPANY REGISTRATION NUMBER: 03790215
CHARITY REGISTRATION NUMBER: 1077143
4 CHARITY FOUNDATION Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2024
COHEN ARNOLD
Chartered Accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
| PAGES | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 3 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and expenditure | |
| account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 to 15 |
Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 MARCH 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 March 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name 4 Charity Foundation Charity registration number 1077143 Company registration number 03790215 Principal office and registered 6 Princes Park Avenue office London NW11 0JS THE TRUSTEES Mr Jacob Schimmel Mr Jonathan Schimmel Mrs Verette Schimmel Mr Nathaniel Schimmel Independent examiner David Goldberg, FCA DChA New Burlington House 1075 Finchley Road LONDON NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association.
The day-to-day affairs of the Charity are administered by the council of Trustees. None of the Trustees who are also the Directors have any beneficial interest in the Charity.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment, induction and training procedures.
OBJECTIVES AND ACTIVITIES
The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law and in furtherance of its objects. The Charity receives income from its investments which it utilises in the provision and distribution of grants and donations.
The Charity's principal activity throughout the year was the provision and distribution of donations and grants to charities, and no change is envisaged in the immediate future.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 MARCH 2024
ACHIEVEMENTS AND PERFORMANCE
During the year the Charity continued its philanthropic activities in support of religious, education and other Charitable Institutions. Aggregate donations in the sum of £620,999 (2023: £671,250) were paid in the year to 31 March 2024 (see note 7).
The Charity was reliant on the income derived from its investments and reserves brought forward. During the year under review the gross income arising from its investments was £69,429 (2023: £61,357).
The net deficit on incoming resources during the year under review is a result of the charity's continued effort to maintain its grants making activities, partially funded from accumulated reserves of the charity.
The financial results of the Charity's activities for the year ended 31 March 2024 are fully reflected in the attached Financial Statements together with the Notes thereon.
FINANCIAL REVIEW
Reserve Policy
The Trustees consider it is essential to maintain a suitable level of reserves to ensure funds are always available to meet their charitable objectives.
Significant grants were made during the year which reduced free reserves to a level more consistent with the charity’s objectives.
Total reserves as reported on page 6 are £2,477,468 (2023:£3,115,115). By excluding fixed assets, adjusted free reserves are £1,899,091 (2023:£1,917,110).
Grant making policy
Grants are made to charitable institutions and organisations whose activities accord with the objects of the Charity.
Investment Powers and Policy and Objectives
Under the Charity's Memorandum and Articles of Association, the Trustees have the authority to make suitable investments, regularly evaluating the Charity's needs and investment policy.
Initially focused on secure income streams and capital growth from property holdings,following the sale of these holdings, the Charity has diversified its investments, including a UK property venture via its Subsidiary Undertaking (refer to note 15).
The trustees regularly review the risk profile of its investment portfolio monitoring the varying liquidity levels and returns of its investments.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 MARCH 2024
PLANS FOR FUTURE PERIODS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained, bearing in mind the global financial instability prevailing in the current economic environment.
PRINCIPAL RISKS AND UNCERTAINTIES
Risk Management
The Trustees have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity, and are satisfied that systems are in place to manage those risks.
Going Concern
The Trustees are aware of the challenges they face, including geopolitical tensions, economic pressures, and ongoing global disruptions.
Notwithstanding the uncertainty mentioned above, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and available sources of finance. The Trustees recognise that they have the ability to to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.
FIXED ASSETS INVESTMENTS
The movements in fixed asset investments are fully reflected in note 14 to the financial statements.
The Charity's unlisted investments are included at Trustees' valuations and the listed investments are included at their fair values at Balance sheet date and details of Assets values are disclosed in note 14.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 24 December 2024 and signed on behalf of the board of trustees by:
DocuSigned by: [tur ………………………… 8881E06DC394494... Jacob Sdrimmel MR JACOB SCHIMMEL TRUSTEE
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF 4 CHARITY FOUNDATION
YEAR ENDED 31 MARCH 2024
I report to the trustees on my examination of the financial statements of 4 Charity Foundation ('the charity') for the year ended 31 March 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of 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 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
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.
DocuSigned by: [Dav .....................…………… BC6977A458CD499. Lodluy David Goldberg, FCA DChA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
24 December 2024
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 5 | 69,429 | 69,429 | 61,357 |
|
|
|
||
| Total income | 69,429 | 69,429 | 61,357 | |
|
|
|
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (25,742) | (25,742) | 9,941 |
| Expenditure on charitable activities | 7,8 | (647,481) | (647,481) | (699,036) |
|
|
|
||
| Total expenditure | (673,223) | (673,223) | (689,095) | |
|
|
|
||
| Net (losses)/gains on investments | 10 | (33,853) | (33,853) | 62,436 |
|
|
|
||
| Net expenditure and net movement in funds | (637,647) | (637,647) | (565,302) | |
|
|
|
||
| Reconciliation of funds | ||||
| Total funds brought forward | 3,115,115 | 3,115,115 | 3,680,417 | |
|
|
|
||
| Total funds carried forward | 2,477,468 | 2,477,468 | 3,115,115 | |
|
|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 15 form part of these financial statements.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 14 | 578,377 | 1,198,005 | |
| Current assets | ||||
| Debtors | 15 | 1,100,521 | 1,174,804 | |
| Cash at bank and in hand | 809,370 | 769,306 | ||
| | | |||
| 1,909,891 | 1,944,110 | |||
| Creditors: amounts falling due within one year | 16 | (10,800) | (27,000) | |
| | | |||
| Net current assets | 1,899,091 | 1,917,110 | ||
| | | |||
| Total assets less current liabilities | 2,477,468 | 3,115,115 | ||
| | | |||
| Net assets | 2,477,468 | 3,115,115 | ||
| | | |||
| Funds of the charity | ||||
| Unrestricted funds | 2,477,468 | 3,115,115 | ||
| | | |||
| Total charity funds | 17 | 2,477,468 |
3,115,115 |
For the year ending 31 March 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 responsibilities 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 to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 24 December 2024, and are signed on behalf of the board by:
DocuSigned by: [fur ………………………… 8881E06DC394494. Saco Sclimmel MR JACOB SCHIMMEL TRUSTEE
The notes on pages 7 to 15 form part of these financial statements.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. 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 6 Princes Park Avenue, London, NW11 0JS.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments 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
With the exception for those going concern issues (mentioned in the trustees' report) in respect of the global economy, the trustees' are of the opinion that there are no other material uncertainties about the Charity's ability to continue its operation in the foreseeable future.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertaking comprise a small group.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
3. ACCOUNTING POLICIES (continued)
Judgements and key sources of estimation uncertainty
Judgements made by the trustees in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows:
(i) Investment Valuation
The valuation of unlisted investments at trustees' valuation is subjective and depends on many factors including the nature of the investment and its expected future returns and capital appreciation. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate particularly in periods of difficult market or economic conditions.
(ii) Debtors
Management use details of the age of loan debtors and the status of any disputes together with external existence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.
The trustees do not consider there are any critical judgements or sources of estimation uncertainty requring disclosure beyond the accounting policies listed above.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities on accrual basis and 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.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
3. ACCOUNTING POLICIES (continued)
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 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.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 or preference 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
4. LIMITED BY GUARANTEE
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
5. INVESTMENT INCOME
| 5. | INVESTMENT INCOME | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Income from investments assets | |||||
| outside the UK | 69,429 | 69,429 | 61,357 | 61,357 | |
|
|
|
|
||
| 6. | INVESTMENT MANAGEMENT COSTS | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Foreign exchange (gains)/losses | 25,742 | 25,742 | (9,941) | (9,941) | |
|
|
|
|
||
| 7. | EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable donations | 620,999 | 620,999 | 671,250 | 671,250 | |
| Support costs | 26,482 | 26,482 | 27,786 | 27,786 | |
|
|
|
|
||
| 647,481 | 647,481 | 699,036 | 699,036 | ||
|
|
|
|
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Grant funding | Total funds | Total fund | ||
|---|---|---|---|---|
| of activities | Support costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Charitable donations | 620,999 | 1,902 | 622,901 | 684,236 |
| Governance costs | – | 24,580 | 24,580 | 14,800 |
|
|
|
|
|
| 620,999 | 26,482 | 647,481 | 699,036 | |
|
|
|
|
All grants and donations were paid to charitable institutions for the purposes of the support of education, health and the relief of poverty.
The following grant payments were made during the year ended 31 March 2024:
| 2024 | ||
|---|---|---|
| £ | ||
| UKI Charitable Foundation | 460,000 | |
| KKL Charity Accounts | 78,599 | |
| Ahavat Yisroel UK | 77,500 | |
| Amounts below £10,000 | 4,900 | |
|
||
| Total Grants Payable | 620,999 | |
|
||
| ANALYSIS OF SUPPORT COSTS | ||
| 2024 | 2023 | |
| £ | £ | |
| Legal and professional fees | 1,850 | 1,200 |
| Travel expenses | – | 11,747 |
| Bank charges/(refund) | 52 | 39 |
| Governance costs | 24,580 | 14,800 |
|
|
|
| 26,482 | 27,786 | |
|
|
9. ANALYSIS OF SUPPORT COSTS
10. NET (LOSSES)/GAINS ON INVESTMENTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Gains (losses) on revaluation of | ||||
| investments | (33,413) | (33,413) | 62,436 | 62,436 |
| Gains on disposal of other investment | ||||
| assets | (440) | (440) | – | – |
|
|
|
|
|
(33,853) |
(33,853) |
62,436 |
62,436 |
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
11. INDEPENDENT EXAMINATION FEES
| INDEPENDENT EXAMINATION FEES | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 14,400 |
14,400 |
12. STAFF COSTS
The average head count of employees during the year was nil (2023: nil).
13. TRUSTEE REMUNERATION AND EXPENSES
There were four Trustees who served during the year.
The Trustees did not receive any remuneration for their services. The Charity did not meet any individual expenses incurred for services provided to the charity.
14. INVESTMENTS
| INVESTMENTS | ||||
|---|---|---|---|---|
| Non-UK | Shares in | |||
| Quoted | group | Non-UK | ||
| Shares | undertakings | Investments | Total | |
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 1 April 2023 | 177,421 | 93 | 1,123,527 | 1,301,041 |
| Additions | – | – | 4,440 | 4,440 |
| Disposals | (177,421) | – | (539,808) | (717,229) |
| Fair value movements | – | – | (9,875) | (9,875) |
|
|
|
|
|
| At 31 March 2024 | – | 93 | 578,284 | 578,377 |
|
|
|
|
|
| Impairment | ||||
| At 1 April 2023 and 31 March 2024 | – | – | – | |
|
|
|
||
| Carrying amount | ||||
| At 31 March 2024 | – | 93 | 578,284 | 578,377 |
|
|
|
|
|
| At 31 March 2023 | 177,421 | 93 | 1,123,527 | 1,301,041 |
|
|
|
|
All investments shown above are held at valuation.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
14. INVESTMENTS (continued)
The shares in the group undertaking are held at cost. All other investments are held at fair value.
During the year under review, the Charity sold its listed investments, realising a net gain over its historical values.
The Charity's investments were included in the accounts at their fair values based on Assets Managers Investment reports.
The Trustees are aware of the challenges they face, including geopolitical tensions, economic pressures, and ongoing global disruptions.
As at 24 December 2024, the date these financial statements were authorised for issue, the fair value of the Charity's remaining non-UK unlisted investments had not changed significantly since 31 March 2024. Any subsequent changes in the fair value of the Charity's investments are not reflected in the financial statements as at 31 March 2024.
The trustees have no participating interests in the Charity's investments and have no influence over the strategic policies in those investments other than the group undertakings.
No provision has been made for any deferred tax liability on unrealised surpluses on revaluation of the charity's investments as it is anticipated that all realised surpluses will be applied for the benefit of this Company's charitable purposes and that no tax liability will arise.
Investment in Subsidiary
The Charity owns 93% of the issued share capital of 4 Brentwood Ltd, a company incorporated in Great Britain and registered in England and Wales.
As of the reporting date, 4 Brentwood Ltd, the subsidiary undertaking, had not yet prepared its set of accounts for the year ended 31 March 2024. Consequently, the financial results of the subsidiary are not available for disclosure.
The results of 4 Brentwood Ltd for the year ended 31 March 2023, as per the financial statements, are as follows:
| statements, are as follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Aggregate capital and reserves: | (862,754) | (939,384) |
| Profit and (loss) for the year: | 76,630 | (2,568) |
Consolidated financial statements have not been prepared as the Charity has taken advantage of the exemptions conferred by section 398 of the Companies Act 2006 and section 139 of the Charities Act 2011.
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
15. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Amounts owed by group undertakings | 815,502 | 970,246 |
| Prepayments and accrued income | 124,815 | 55,386 |
| Charitable loans | 149,172 | 149,172 |
| Other debtors | 11,032 | – |
|
|
|
1,100,521 |
1,174,804 |
The charity has outstanding amounts owed by its subsidiary, 4 Brentwood Limited, facing delays in repayment due to COVID-19 and project delays. The loan accrues interest at Barclays Base rate plus 5% annually, secured by assets. Repayments are ongoing, but uncertainty exists regarding accrued interest, leading to a provision against it.
Subsequently, after the balance sheet date, the Charity was repaid approximately £479,000.
Additionally, a £149,172 loan to a charity supporting medical care aligns with the charity's objectives. The trustees have deferred repayment of this debt to support the medical activities of the debtor charity following the COVID-19 pandemic and ongoing economic challenges. Considering the charitable nature of its activities, the Board of Trustees of 4 Charity has further extended the repayment period until 2025.
16. CREDITORS: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 10,800 |
27,000 |
17. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| At | |||||||
|---|---|---|---|---|---|---|---|
| At | Gains and | 31 March 20 | |||||
| 1 | April 2023 | Income | Expenditure | losses | 24 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 3,115,115 | 69,429 | (673,223) | (33,853) | 2,477,468 | ||
|
|
|
|
|
|||
| At | |||||||
| At | Gains and | 31 March 202 | |||||
| 1 | April 2022 | Income | Expenditure | losses | 3 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 3,680,417 |
61,357 |
(689,095) |
62,436 |
3,115,115 |
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Docusign Envelope ID: 88F83146-7BFA-4223-8198-21D3BD8D953E
4 CHARITY FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 18. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||
|---|---|---|---|
| Unrestricted | Total Funds | ||
| Funds | 2024 | ||
| £ | £ | ||
| Investments | 578,377 | 578,377 | |
| Current assets | 1,909,891 | 1,909,891 | |
| Creditors less than 1 year | (10,800) | (10,800) | |
|
|
||
| Net assets | 2,477,468 | 2,477,468 | |
|
|
||
| Unrestricted | Total Funds | ||
| Funds | 2023 | ||
| £ | £ | ||
| Investments | 1,198,005 | 1,198,005 | |
| Current assets | 1,944,110 | 1,944,110 | |
| Creditors less than 1 year | (27,000) | (27,000) | |
|
|
||
| Net assets | 3,115,115 | 3,115,115 | |
|
|
||
| 19. | FINANCIAL INSTRUMENTS | ||
| The carrying amount for each category of financial instrument is as follows: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Financial assets measured at fair value through income and expenditure | |||
| Financial assets measured at fair value through income and | |||
| expenditure | 578,284 | 1,197,912 | |
|
|
||
| Financial assets that are debt instruments measured at amortised cost | |||
| Financial assets that are debt instruments measured at amortised | |||
| cost | 1,100,521 | 1,174,804 | |
|
|
||
| Financial liabilities measured at amortised cost | |||
| Financial liabilities measured at amortised cost | 10,800 | 27,000 | |
|
|
20. RELATED PARTIES
(i) 4 Charity Foundation is incorporated for charitable purposes and has no controlling party.
(ii) Included in the financial statements is a donation of £460,000 (2023:£-) made to UKI Charitable Foundation,a charity whose trustees are close family members of the trustees of this Charity.
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