RECISTERED CHARNY NUMBER: 1106406 TOFT ST AND IN FOR Numera Partners LLP 4th Floor Charlc5 Hou8e 108-110 Fin¢hl¢y Road NW3 5JJ
NTENTS OF THE FINANCIAL PARe Repurt of the Trnstees Independent Examlner'$ Report Statement of Flnanelal Aetlvltlej Statsment of FlnAn¢lal Posltlon Statement of Cash Trlow$ Notej to the Statement of Cash Flow# Notej to the Flnin¢t41 Sto¢cm¢nt¥ 8 to 11 Detled Stllternent of Fln¥n¢l41 A¢tfvitlei 12
THE FABKON FOiJNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The tnJst¢¢8 present their report with the finAncial statements of the charity for the year ended 31 Mar¢h 2024. The trustees have adopted th¢ proviston$ of AccountiThg and Reporting by Charitieg". Statement of ReLomTncnded Practice applicable lo eharities preparing their accounts in accordance with the Trinancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effectivc l January20191. I'he Trnstees present theit annuaj r¢port tog¢ther with the financial statements of The Fabkon Foundation (th¢ Charity) fvr the year ¢ndL%i 31 March 2024. OWECTIVKS AND ACTivmES Obiect(ve8 gnd alms Th¢ charity was ¢5tablished by a declaration of ttv$t dated 4 May 2004 with the purpose of applyin8 the trust fund income or Capital for the provision of f8¢iliiies and geryices in the intewsrs of the education and so¢i41 well-b¢ing of th¢ gcnerhl public. The charity is registered with thc Charity Conmiission. re8ÉStraiion nuTllber 1106406. The Charity has undertakeTh very little activity during the year ended 31 Mareh 2024, however followin8 the passing of the settlor Michael Fttbian on 15ih December 2022, signifi¢ani funds beque51 by him will bc received in the yellr ended 31 March 2025 And hence the charity will significantly expand their activities. Publ1¢ bettefii Th¢ TnJste¢s confinn their cornplianc¢ with lh¢ duty to have due regArds to the public benefit guidance (Section 17 of the ChArities Act 2011) published by the ehari(y commission wh¢n reviewing the Charity's aim und objrtliv&s and in pl8nnin¥ for fijture aciiviiies. The #im of th¢ charity has always been io assist in Ihe rsising of fimds for the provisi4)n of facilities and s¢rvices in the interest of education and s()cial well-bcin8 of the getteral public. ACHIEVEMF,JYT AND PERFORMANCE Charltable A¢llvltSe$ The charily ha5 not p¢rforrned any activities within the y¢or but it has r¢ceived ¢onfirn)ation of legacy moni¢s that will 411ow it to ¢arry out ¢haritablc aciivities within the Con08 fin&n¢ial year. CDrnThMnl¢4tlon od Compllrtts The charity logs all feedback, whcther p¢Mitivc or neg8tive. The Fabkon FoundAlion did not receive gny complaints due to 4ny aetivilies undcrt&keo within the tillfrAn7C of thc fancIal reportin8 peTlOd. FINANCIAL REVIEW Vlnantl#l posltion The chority re¢())19ed £833,510 of legacy Mon1 during the year ended 31 March 2024 (2023 £500) 8nd expended £4.804 (2023 £4) resulting in & 8urplus of £829,21512023 £S091 for the period. On the passing of Michael Fabian the irusteei were aware of legacy to the ¢bority includ¢d in his will and hig excciitors ubiained probatc on l March 2024. Whilst the flnal entitlcment has y¢1 lo b¢ ¢aiculated ihe tnte¢S have included a debtor in th¢ sum of £833,510 refl¢¢lin8 their knowl¢d8e of the total value of the estat¢. Thc trustees h4ve decided that ihe fitnds which will be rec¢ived and any a¢¢umulat¢d investment income will b¢ distribuied other chtirities over a fiv¢ year period. The charity will be clos¢d onLe all capilal and LA¢ome has been distribuicd. Regervej pollcy At the balanc¢ sheet dated 31 Mah 2024 ¢he total reserves were £829,21512023 £509) of which £829.215 w¢r¢ unr¢stricted. The charity Currcnily h&s no fix¢d vr viriable opcrating custs and currently has a reserves policy of £500 mininium to ¢over mnthly bank char8e8. The regerve% policy will ehange once charitable activities ar¢ undertaken and monies from the legacy donation have been received. The trustees will each noniinate chAritie8 bascd on their knowled¥e of the causes and will M8re¢ B thre&rnonthly dLStribution. STRucfuRL GOVERNANCE AND MANAGEMENT vernln% ducument The charity is controlled by its ¥overniog doclln)t. Fd deed ot'trusi aiid ¢onstitut¢s an unincorporated charity. Recrnltmellt And 8ppolnlment of trustees Trustees will nominate a replacement twstcc in the ¢vent of their unavailability becSe of their pa$$ing or any ht31th rekson which would tnake their fiiture participation impossible. The n¢wly appointed trustee will have to be ¢ligihle und¢r ¢lau5e 10 of the Declaration of Trnst. Page I
THE FABKOIY FOUNDATIor4 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAKCH 2U24 RFFF.RENCF. AND ADMINISTRATIVF. DF.TAII.S Re#15tered Ch4rLty llUTnber 1106406 Prirt¢ip414ddress 6th Floor, 2 Lolldoll Wall Placc London EC2Y SAU Trustees l. Kort R. Kon (appoinied 13.11.24} H Lewis lThd¢pendellt Ex4mllltr Gil¢s Coh¢n Numera Partners LLP 4th Floor Charles H0C 108-110 Finchley Road London NW3 5JJ Snllelto Deb¢nhAms Ottaway LLP Ivy IIous¢ 107 St Peter5 8treet St Albans ALI 3EW Approved by o der of th¢ board of trustees on .......... And signed on iti behalf by.. iJst¢¢ Pag¢ 2
IryDEPENDEI¥4T EX4MINER'S REPORT TO THE TRUSTEES OF THE FABKOP4 FOUNDATION Independenl exam&tt¢r's report to the trustees of The Fabkon Foundadon report ¢0 the charity trustees on my examination of the accoun1$ of The Fabkon Fouttdtttion (the Trnst) for th¢ yw ended 31 Mar¢h 2024. Responslbflities and basis of report As th¢ charily tru5tccs of the Trnst you are Ifbponsible for th¢ preparation of the accounts iu arcordance with th¢ requirements Lif the Lharities Act 2011 I'the ACVI. I rep(yrt in r¢spect of my examination of th¢ -IDJsV$ accounts ¢tirried out undcr Sectitsn 145 of the A¢t and in carryin¥ out my ¢xaminatton I have followed all applicable Directions given by the Charity Commission undcr Section 14515)(bl of the Art. Independent ¢xamlner'$ itatement Sin¢¢ your Lharity's gross income exceeded £250,000 your examiner inusi b¢ a Mener of a listed body. I can confirn) that l am qualified to undertake the examination b¢¢ause l am a mcmber of the Institute of Chartered Accountants in England and Wale& which 15 onc of the listed bodies. I have completed my examination. L confinn thFAi no n)at¢riaI ntter$ have co]D¢ to niy attention in Coj¢t10n with the exatDi08tion 'ving me cause to believe thfti in any matctial respeei.. accounting recordA were not kept in reipecl of the Trust as r¢quired by Section 130 of the Act,. or the ao¢ounts do not acLord with those records; or the account$ do not comply with the applicable requirements. eon¢ernin8 the forn) And ¢ontenl of accounts Set out in the Clwi"tL¢$ (Accounts and R¢ports) Regulf4tions 2008 rfrihcr than any requ1Ment Ih&t the accounts Bive a Iruè and fair view whieh is not a matter considered as part of an ind¢p¢ndent examination. I have no concenis ond have conle acros¥ no other matters in ¢onnection with the examination to which attention ¥hould be drawn in lhis report in ordcr to enable 4 proper Und¢T81artdin of the accounts io be reached. Gile¥ Cohen Tb¢ Instiwie of Chanered Accountant$ in E,ngland &nd Woleg Numera Partners LLP 4th Fluor Charles HousL' 108-110 kinchley Road London NW3 SJJ Dote: ......... Page 3
THE FABKON F UNDATION IAL 31.3.24 u[trI¢t¢d nd 31.323 Total funds Not¢5 INCOME AND ENDOWMENTS FROM Donalions and legacies 833.510 513 EXPENDITURE ON Other 4.804 IYET INCOME 828,706 509 RECONCILIATION OF Fuf4DS Total funds broughi forward 509 TOTAL FUIYDS CARRIED FORWARD 829,215 509 The notes ftirni part of these financial statements Page 4
THE FABKON FOUNDATION OF b'lN po 31.3.24 31.3.23 Totsl fund5 Unrestricted nd Not¢s CURRENT ASSETS Debtors Casb at bat)k 833.509 506 509 834,015 509 CREDITORS Amounis folling duewithin one year (4.800) NET CURRENf A&SETS 829,215 509 TOTAL A&SETS LESS CURRENT I.JABILITIES 829.215 509 NET ASSETS 829,215 509 FUNDS Unre%irieted Ilinds 829,215 509 TOTAL FUNDS 829.215 309 The financial stst¢mcnts were approvcd by thc B¢)ard ofTrusteei and authuri5ed for issu¢ on . signed on li behalf by.. .. and were - Trustee The notes fom part of th¢se financiAI statements Page 5
THE FABKON FOUNDATION ME 31.3.24 31.3.23 Notes C85h flows from operatlng actlvltles Cash g¢n¢rutcd from op¢r4tion& 131 509 N¢t ¢a5h (used in)Iprovided by operating a¢tiYilies {3) 509 ChANg¢ Ill ¢sh And ¢¥$h equlv#lent$ In ¢he reportini pertod Cash wnd Cash ¢qulvAI¢DtJ It the beglnnlng of the reportlng perlod {3) 509 Csh ¥Jnd cash equlvalenti at the end of the r4rtS perlod 506 The notes fom part of these finAn¢ial stat¢llKnts Page 6
THE FABKON FOUNDATIO No'rES TO THE STA'I"£MENT OF CASH FLOWS FOR THE YEAR ENDED 31 M CH20 RECONCILIATIOTrI OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTJVITIES 31.3.24 31.3.23 N¢1 Income for the r¢portlnE period per the Statement of Fln#nciAI AetivitlL5) Adjusttnents for.. Increase in debturs IDcrcas¢ in creditors 828,706 509 (833.509) 4,800 Net Cash (used inyproyided hy operatlong 13) 509 ANALYSIS OF CHAf4GES IN NET FUNDS At1.4.23 Cash flow At 31.3.24 Net cxsh Cash al bank 509 (3) 506 509 13) 506 Tot#] 509 (3) 506 The notes fonnpart of these financiaj statem¢nts Pa8e 7
THE FABKON FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES of preparlng the flnincl&l gt2temeDts The financial 5taternents of the charity, which is a public beneflt eTLtity und¢r FRS 102. have b¢¢n PT¢par¢d in a¢eordan¢e with ihe Charities SORP IFRS 1021 'Ac¢ouniing and RetK)rti¥L¥ by Charitics.. Statement of Recommended Practic¥ applicable to charities preparing their accounts in occo¥dance with the Financi81 Reporting Standard appli¢8ble in th¢ UK and Republic of Ireland IFRS 102} (eff¢ctive l JatLuary 2019).. Fingncial Reporting Standard 102 'The r,inancial Reporting Siandard pplicable in the UK and Republic of Ireland, and the Charities Art 2011. Th¢ financial stAtcnwnts havc bccn pr¢paT¢d undcr the historical cost convention. Crld¢al a¢¢oyDtln8 Judgem¢Dts And key iour¢es of ethatl•n un¢crtslnty Prepardlion of the finn¢la] statements requires the trustees and manag¢m¢nt to mak¢ significant judgcmcnt5 estim&tC8. The areas in the financial statements where theseiudgements and estimates have been made include.. - determillin8 the valuation of gifts in kind the ullo¢atio# of support costs to eh8titable activities detemiinin8 thc valuation and inclusion of legacy monies. Taking into acwiint thc probate date, ndS foT1¢8aey to be paid aDd ¢n¥uring any ¢onditions attached to lhe le¢Y ¢¢n b¢ m¢t. All ii?¢ome 1$ r¢¢o8ttiJ¢d in th¢ Stat¢nKnt of binancial A¢tiviti¢S on¢e the ¢harity ha$ entitlement to the fvnd$. it 1$ prob8bl¢ that th¢ income will be received asxl th¢ amount can m¢aSUTed reliably. Expendlture Liabiliti¢8 ar¢ T¢¢ogni$ed 18 ¢xp¢nditur¢ As Soon 8$ th¢r¢ 1$ a l¢gal or con8tNctiv¢ obligation ¢ttM)ning th¢ ch#rity to th&t eXpendIre, it is probabl¢ th#t 8 trAnsfer of ¢¢onomi¢ b¢nefits will be required in settlement and the amount of the obligation can be me&4ured reliably. Exp¢nditur¢ i¥ HcLounted for on an accrua13 hasis and has been cl%1f1ed under h¥adingy thut a88re8ate all cost rclat¢d to the ¢Htegory. Where costs cannot bc dirccily ai¢ributed to particular hcadings th¢y have been allocoted to activities on & basis congi8teni with the use ol're50urce8. TAxatlon The charity is exempt from tsx on its charitable aclivitie5. Futtd i¢¢ountlng Unrestricted fund5 can be used in a¢¢ord4n¢e with the ¢hoTilable objectives at the discretion ofthe trustee Re$tri¢t¢d fijnds can only be used for particular restricted purposes within the obje¢t5 of the charity. Restriction5 0ris¢ when S¢Ified by the donor or when ttd8 are raised for pttrticular rtstriciod purposes. Further explllnation of the nulure and puryose o1¢och (und is included in th¢ notes to the fin8n¢ixl stitemenl5. Caib 4t b4nk In h&nd Casb at bank in hand rq)resertts $u¢h a¢¢oitht$ and An$th]nttt$ thttt art available on d¢mand or aVe a m&turiry vf less than thTee munths from the date of acquisition. Cmolng Conetrn The trnstees hove a8sessed whether ihe use of the going cuncern a&qumption is appropriate in preparing th¢8t financial 8tat¢nnts. The tnjsteeg have made this assessment in respect to a period of one year froni the da* of approval of these financi81 siatem¢nts. DONATIONS AI¥D LEGACIES 31.3.23 Donations Legacies 513 B33,510 833.510 513 Pa8e 8 ntinua...
THE FABKON FOUNDATION EST E FINAN AR ATEME SUPPORT COSTS GoY¢mance osts inance Tots]s Other r¢source8 expeJJd¢d 4.800 4,804 TRUSTEES, REMUNERATION AND BENEblTS There were no trustec8' remuner&tion or oiher benefits for the year ended 31 March 2024 nor for the year ended 31 Mareh 2023. Tru$t¢e5' expenses There were no trustees, expenses paid for the year ended 31 2024 twr for thc year ended 31 MarGb 2023. COMPARATIVES FOR THb STATEMENT OF FINANCIAL ACTIVITIES UDrtstricted fund INCOME AIYD ENDOWMENTS FROM Donations and legacies 513 EXPENDITURE ON Oth¢r NET INCOME 509 TOTAL FUNDS CARRIED FORWARD 509 INDbPENDELYT EXAMINERS REMUNbRATION Thc indcp¢nd¢nt cxamin¢r ho$ rciv¢d £4,800 for ih¢ir rcview of th¢ financial $lal¢ments. DEBTORS: AMOU.YTS FALLING DUE WITHIN ONE YLAR 31.3.24 31.3.23 Le8acy monie8 833,509 Pa8e 9 continued...
THE FABKON FO NDATION AN IAL ST AR ENDED TEME IMAR CRF.DITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Oth¢r Creditors 4.800 MOVEMEiYf I1¥ FUNDS Net nVe[n¢t in tunds At 31.3.24 At 1.4.23 Unres¢rlc¢ed funds General fund 509 828.706 829215 TOTAL FUNDS 509 828.706 829,215 Net movennt in included in ihe above ore as follows.. Incoming T¢source¥ ResouTC¢S expen¢Jed Movemcni I funds UnTestrl¢ted G¢Deral fvnd 833,510 (4.804) 828,706 TO'fAI. FUND.$ 833,510 (4.8041 828,706 Conwaratlvey for n)vcmcrtl In fundi Net movement in ndS At 31.3.23 Unre8trl¢led fvnd$ G¢ncral ftind 509 509 TOTAL FUNDS 509 509 Comparative ne¢ movemeni in fvnds. included in th¢ above ar¢ 88 follows.. Ineoming r¢8our¢es Rek)urces expend MovemBnt in ndS Unrestrieted fwids G¢n¢ral fund 513 141 509 TOTAL FUNDS 513 (4) 509 Page 10 continijed...
THE FABKON FOiJNDA ION THE CIAL TEM MOVEMENT IN FUNDS- contlnved A ¢urrent year 12 months and prior year 12 months ¢onJbined position is as follows: Net nwyejnent in fimd$ At 1.4.22 31.3.24 Unrestrleted funds General fiujd 829.215 829,215 TOTAL FUNDS 829,215 829,215 A current year 12 nM)nth5 and prior year 12 months combined net nw)vement in fijnds, inc]uded in the above gre as follows.. InmIng rcsourc¢8 Movemertt in funds expend¢d Unre8tric¢ed futtdl General fi)nd 834.023 (4,808) 829,215 TOTAL FUNDS 834,023 {4.808) 829,215 RELATED PARTY DISCLOSURES There were no related plty tr8nsa¢tions for the year end¢d 31 March 2024. Pa8ell
KONF DETAILED STATEMEf+rr OF FINA1¥ TIVITIES 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donarfons and legacles Donalions Legaeies S13 833,510 833,510 513 YotAI resources 833,510 513 EXPENDITURE Support ¢tR Fln&n¢e Bat]k ¢hgrge$ Governante costs Accountan¢y ond legal fee$ 4.800 Total nsources pended 4,804 Net kntome 828,706 509 Thts page does not form part of th¢ statOry financial statements Page 12