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2020-12-31-accounts

Registered number-. 05834838 Charlty number: 1114574 Franks Family Foundation (A Company Limlted by Guarantee) Report And Financial Statements 31 December 2020

Franks Famlly Foundatlon IA Company Llmlted by Guarnntsel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY I FOUNDATION. ITS TRUSTEES AND ADVISERS Trustees G Avshalom S E Franks D V Dorrell Lord Mendelsohn C F Hodler HRH Prince88 Beatrice of York Company règlstsr•d numbor 05834838 Charlty reglst•red numb•r 1114574 Reglgtèrod offlco Orwell House, 5th Floor, 1&18 Bemers Street. L(￿d￿, W1T 3LN Company 8Kr•tary S L Haynes Indep8nd•nt audltor8 Bllck Rolhenberg Audit LLP. 16 Great a￿en Street. Lon(lon, WC28 SAH Bankern Coutts & Co, 440 Slr8nd, London, WC2R OQS Page 1

Franks Famlly Foundatlon IA Company Llmlted by Guarantee) CHAJRMAN'S STATEMENT For the Year Ended 31 December 2020 2020 was a year many of us would like lo forget. The impact of the Covid pandemic was fell fai and wide and our projects in South East Asia did not escape. The fear of the Pandemic running nfe through lesser developed countries wth very much less developed public health systems, was high. The corre$wnding severity of lock downs reflected this level of fear. The three main c￿ntrieS we operate in, Carnbodia, L808 and Nepal have all wllnessed protracted l¢xk downs whith have signifiCan￿Y hampered OUT programs. This is nts￿ere more true than in Laos. After years of planning, persuading and lobbying, 2020 was to be the year we became the first foreign organisalion lo manage 8 govemmenl school In Lao$. having been given Ihg govemments SUkVJrt for NGS INew Generab"on Schools) to operate In Laos. However instead of our teacher tralning sp¢¢ialists. school managers and FFF stsff arrfving In Jan l Fob of 2020, the country startèd closing ils borders and schools. That situation has not changed today over a year later. So our limetsble. is lo pul il mikdty. 'somewhal under revieW. We do h8ve some stsff on the ground working on preparation and hope lo lake fvll control of our first ￿h0o1 in L808 in summer 2022. bul nothing is certain al this time. S8dly, there has been other difficulties for our programs too. One very sad one is that Ihe teacher who was dèstined be the first head teacher In Laos of our school. was dognosed an aggressive cancer and will not be able lo lakè up his post. He is a big loss to the program and wll not be eosity replaced. We wsh hlm a full and speedy re￿Very. BLrt il wasn't all bad news in 2020. The most comforting news, was that of the many thousands of Children in the programs V￿ are engaged wlh. none SUffe￿d terminal health Consequences 8s a ￿sU11 of the pandemlc. Th public hgallh programs we are partneis in. all somehow managed to navigate the p8ndernic well and eonlinued lo provide high quality modical seNices all throughout thi$ period. We salute all the teams on the front line whom have ￿en so bravo and worl<ed so hard. Thern wa8 also good news on thg finance front. The Investment activ￿9$ of the foundth'on had onolher successful year despite thè volatilty caused by the Pandemic. Our finances are in good health and this will ensure we can continue to fund all our progiams and initsalives for th6 foroseeable future. I do very much hope that the wodd is kinder next year and we can all get back on track. As always I would like lo thank my fellow Iruslees who do 80 much work on the ft)und8lion's behaw. And on behalf of all the Iruslees, wa would like lo thank dl of the direct and indirect employees of the foundation, whose commitment we value so much. Simon Franks Chaimion Dalg IS tkn 2oLI Page 2

Franks Famlly Foundatlon IA Company Limlted by Guarantee) TRUSTEES. REPORT For thè Year Ended 31 DeC￿nber 2020 The Trustees present their annual report together with the audited financial slalements of the Company I Foundation for the 1 January 2020 10 31 December 2020. The Trustees confirrn that the Annual Report and financial statements of the company comply wlh the current statutory requirements, the requirements of tho company's goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities prepanng their accounts in acc(¥dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffecbve 1 January 2019). Since the Company l FourKlation qualifies as small under section 383. the straleglc report requlred of medium and large compani88 under The Companies Act 2006 (Strategic ReF￿rt and Dlrectorfs Report) Regulats'ons 2013 is not required. ObJectlve¥ and Activltl•$ . Polkles and obJ•ct5v•s Franks Family Foundation Ih6r68ftgr "FFF" or Ccrfnpany l Foundalionl Is 8 company limrted by guaranlg•, wlth ¢haritable slalus and 9ovemed by its Memorandum and Articles of Assory'alion. FFF was e$labli8hed on 1 June 2006 to Serve a8 Ihe wmary charitable vehicle of the Frank8 family. The Franks Famlty Foundation's mi8slon 18 to contributè lo making the wodd a more edLtcaled, healthier. kinder, fairer place. Through rts programmes, the charity l)opes lo create a generation of educated and healthy young leadeis, ￿mMItted lo their respedive countries and lo hdp build a brightsr fLrture both for thamselves, Ihelr communities and for the next generations. The FFF al$0 has a remit lo support Ihe arts and e8Wally the promotion of the art$ as a tool of enh•nryng social cohesion, creativity and self expr6s$ion. Achlovèmonts and porformance Revlew of actlvlti A revièw of the. Compony's activil*s is included in the Chairman's Statement on page 2. During the pgriod ended 31 Decembor 2020 8 lot81 of £147,037 (2019". £305,714 as reslaledl was granted to charhable organisation8. Further detsils of the donations made are included in note 3 to the accounts. The trustees confim that tw have referrad lo the guidance contained in the Charty Commission's general guldanee on publlc benefft when rewewng objeclives and actNitie8. Flnanclal revlew . Golng Coneem After making appropriate enquiries, the trustees Iwe a reasonable expectslion that the Company l Foundation has adequate resources to continue in operational existence foi the foreseeable future. For this reason they continue lo adopt the going con￿rn basis in preparing the financtal ststemenl5. b. Reserves policy FFF'S funding is dependent on donations. The org8nisation does Th)t have substantial reservos ts'ed lo fixèd assets. Revaluation reserves are not considered lo be realised. Al 31 December 2020 general reserves, excluding re¥￿￿ation reserves. were £5,165,391 12019". £5.667,2821 Page 3

Franks Famlty Foundatlon (A Company Llrnltsd by GuaMrtg01 TRUSTEES. REPORT {eontinuedl For th• Year Ended 31 Docember 2020 due to the accumulation of funds during the peric¥J. The Foundats"on's reseNe$ polry conts.nues lo refiect the extremely low inlere$l rale envéronmenl 8nd the perceived low return¥ available In the public financial markets. In such an environment the Foundation anlicipales it will continue lo spend al least 100% of its investment ineome each year. In years when th8 investment income is low or negolive, the Foundation will spend more than its investment income using reserves lo cover the defi¢f(. In efforts lo Incrèase rts investment income the Foundatson has conts.nued to expan¢J Its InV￿lMentS In aady stage rM)n listed compani88 and wrtinue8 to acaivety manage ils forewn exchang8 posilKJns. Structur6. govemance and management a. Con8titutlon The Company l FourKlalion is registtrgd as a d)aritsbl8 company limite(l ty guarantee and wa$ Set up by a Memorandum ofAssocialion. The Company l Foundation 1$ ¢on$liluled und¢r a Memorandum of Assouation and 1$ 8 registered charSly number 1114574. There have been no changes in the objectives since the la8t annual report. Tho followlng were Trustee8 of the Company l Foundats'on during the and subsequently.. G Avshalom S E Franks D V Dorrell Lord Mend818ohn C F Hodler V Lattana Iresigned 30 November 20201 HRH Princoss Beatrice of York b. Method of appolntmont or electlon of Trustees The m8nagement ol tho Company l FourKlation is the responsibiltty of the Trustees who are elected and co- opted under the temis of the Artides of Ass(xiation. c. Rlsk managemgnt The Trustees have assessed the major dsks to which the Company l Foundation is exposed, in particular Ihots8 related lo the operations and ffinances of the Company l Foundab"on, and are satisfied that systems and procedures are in place lo mitigate our exposure lo the major risks. The trustees note that FFF fvnding is dependent on dorknilions, and thus far (k)nalion5 have only been from Simon Franks or companies controlled by Simon Frank$. Page 4

Franks Famlly Foundatlon (A Company Llmlted by Guarantee) TRUSTEES. REPORT Icontinuedl For the Year Ended 31 December 2020 Trustoes. re$ponslbIlltl￿ statement The Trustees (who afe also diredors of Franks Family Foundation for the purposes of company lawl are responsible for preporing the Trustees. Report and the financial stst8ments in accordance with applicable law and United ￿ngdoM AccL)unling Standards (United KJ"ngdom GenerallyAccepled Accounting Praclie81. Company18w requires thè Trustees lo wepare finanual statements for ea¢h financial year. Under company law the Trustees musl not approve the financial slalemenls unless they are satisffied that they give a true and f811 view of the stsle of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the chantable company for thai perKxI. In prepanng those financial slalemenls, the Trustees are required to". 58lecl suitable accounling policies and then apply Ihem consi$lenliy'. observe the methods and principles in the Charities SORP". make Judgments 8ThY aecounling eslim8te8 that are reasonable arKI pnthn( prepare the financial statements on the going eoncem ba81$ unless it 18 inappropriate lo pre8um8 that the charitable company ￿11 eontinue in operalion. Thé Trustees are responsible for keeplng adequale accounting records that are sufficient to show and explain the ¢harrtable compan¥$ transactions and disclose with reason8ble aceuracy at any time thè financial position of tho charitable company and enable them lo ensure that the financial statements comply wth Iha Companies Act 2008 they are also responsible for $8f6guarding the assets of the chantable company and hence for taking reason8ble Steps for the prevention and deledion of traud and othor irregulariUes. Dl•closure of Infomiatlon to •udStor• Each of the persons who are Trustee$ 01 the lime when this Trustees, Report is approved have confirmed Ihal.. so f8r as th81 Trustee Is aware. Ihgre is no relevant audit inlomiation of which the charitsble compan18 audrtors are unaware, and that Tru8te8 has tsken all the steps that ought lo have been tsken as a Trustee in order to bg aware of 8ny relevant 8udit Int￿matic￿ and to establish that the ch8rrt8ble companys 8udllor8 are aware of that information. Audltor8 The auditors, Blick Rothenberg Audit LLP. have indicated their willingness lo continue in office. The De8ignated Trustees will propose a mot￿n re•appcrfnting the 8￿JrtOts at a meeting of the Trustees. This rgport was approved by the Trustees. on 15 December 2021 and 8lgned on their bahalf by.. S E Franks Truste8 Page 5

Franks Family Foundation

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANKS FAMILY FOUNDATION

Opinion

We have audited the financial statements of Franks Family Foundation (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Franks Family Foundation

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANKS FAMILY FOUNDATION (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our 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 Directors' Report included within the Trustees report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the charitable company’s policies with regards identifying, evaluating and complying with laws and

Page 7

Franks Family Foundation (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANKS FAMILY FOUNDATION (CONTINUED)

regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the charitable company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the charitable company’s policies in relation to the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the charitable company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the charitable company. The key laws and regulations we considered in this context included the UK Companies Act 2006, the Charities Act 2011 and applicable tax legislation.

One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the charitable company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.

Another focus area was non-compliance with the rules of the Charity Commission. The charitable company was authorised and regulated by the Charity Commission throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the charitable company and the Charity Commission; reviewing in detail the grants made by the charitable company during the period; and discussion of regulatory matters with the appointed officers of the charitable company.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Alexander Macpherson (Senior Statutory Auditor) for and on behalf of Blick Rothenberg Audit LLP Statutory auditor 16 Great Queen Street London WC2B 5AH

17 December 2021

Page 8

Franks Family Foundatlon IA Company Limltsd by Guarantèe) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT For tho Year Ended 31 Decemb&r 2020 As ￿stated Total funds 2019 Unr•strlcted funds 2020 Totsl funds 2020 Note Incomg from: Investments 87.670 87,670 44,284 Totsl Incomè 87,670 87,670 44,284 Expendlturo on: Charitable aclivilies.. Grants paid Exchange ral6 Igainslllow$ Governance 167.179 186.825 64.831 157,179 186,826 64,831 332,640 144, 713 80.296 Total expondlture 408.835 408,835 557,649 Net exp•ndlture befor9 Inv•8tm•nt galns Nel gains on inve8lmenls Prov1810n against Invg$lment gain8 N•t Incom• before oth•r rgcognls•d galn8 and lo#¥•s Not movement In funds {321,1651 1321,1661 1,869,172 1,869.172 1460,0001 {460,0001 (513,365) 1,574,832 15 1.098.007 1.098,007 1.061,467 1,098,007 1.098,007 1.061,467 Recon¢lll•tlon of funds: Total funds brought forward Total lunds carrl•d forward S.908.368 6,908.368 4.846,891 7.006,366 7.006,365 5,908,358 The note8 on poges 12 to 20 fomi part of these finantial statements. Poge 9

Franks Famlly Foundatlon IA Company Limited by Guarantee) Reglstered numbor: 05834838 BALANCE SHEET As at 31 December 2020 2020 2019 Nots Flxed assets Investments 2.142,836 773, t58 Current assets Debtors Investments Ca8h al bank and in hand 169.218 2,484,650 2,876,941 1,494.495 3,799.455 10 5.530.809 5,293.950 Credttors: amounts falling duo ￿1n one year 1217,280 (158, 750J Not current assèts 6.313,629 5, 135,200 Totsl a•yets less current Ilabllltles 7,456,365 5,908,358 Provi8lons for Ilabi16tie8 15 1450,0001 Not asset• 7,006.365 5,908,358 Charfty Funds Unreslricled fvnd$ 11 7.006,366 5,908,358 Total funds 7.006.365 5,908,358 The Comp8ny l Foundation's financial statements have b6en prepared in accordance wth the provision applicable to ¢ompanle$ subject to the small companies regime. The frnanci81 stalemenls wer6 approved and authorised for Issue ty the Trustees on 15 December 2021 and 81gned on their behalf, b S E Franks Trusloe The notes on pages 12 to 20 lorm part of those financial slalemenls. Pagè 10

Franks Famlty Foundatlon IA Company Llmlted by Guaranteè) STATEMENT OF CASH FLOWS For the Year Ended 31 Docember2020 2020 2019 Note Cash flows from operatlng activities Net cash uged in operating aclivit*s 13 1236,1881 (456,047) Cash flows from Investlng actlvltl88: Dividends and intere51 from investments Proceeds from disposal of investrnents Purchase of Inveslm&nt¥ 33.882 104.971 1826.1791 44,284 2,256,373 (360,952) Net cash lusod InVprovld•d by Inv8¥tlng actlvltl 1686,3281 1.939, 705 Change In cash and calh 8qulval8nt8 In tho y8ar Cash and cash equivalents brought fO￿ard 1922.6141 3.799,455 1,483,658 2,315,797 Cash and ¢a8h oqulvalonts carrled forward 14 2.876.941 3. 799,455 The notes on page8 12 to 20 fom part of these financial statements. Page 11

Franks Famlly FoundatSon (A Company Llmlted by Guardntse) NOTES TO THE FINANCIAL STATEMENTS For the Year Endfjd 31 December 2020 Accounting Pollcles 1.1 Goneral Infomlatlon Franks Family Foundalion is a comp8ny limited by guarantee, incorpc)raled in England & Wales, with ils registered office al 5th Floor, Orwell House. 16-18 Befners Street. London W1T 3LN. 1.2 Basls of preparatlon of flnanclll ¥lalem•nts The financial statements have been prepared in accordance with Aecounling and Reporting by Charities. Slalemenl of Recommended PraclieÉ applicable lo chanlies preparing their accounts in accordance with tha Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial R8POrting Standard applicable in the UK and Republlc of Ireland IFRS 1021 and the Companies Act 20C6. Franks Family Foundation mg9ts the definib'cm of 8 publlc benefit entity under FRS 102. As8els and liabilrties are Inrtially recognisod al historical cost or transaction value unl888 Othèrwise $lated In the relevant aecour￿'n9 policy. 1.3 Company status Thg Company l Foundation is a company limited by guarantee. The rnembers of the company are the Trustees named on p89e 1. In the event of the Company l Foundation being wound up, the Ilabllity In respect of the guarantee is limited to £10 per member of the Company l Foundation. 1A Incomo All inrnme is re¢ognis•J once the Comp8ny l Foundats"on h88 enbtlemenl to the income, it 1$ probable that the income wll be received and the amLNJnt of inc¢yne recelvable can be measured reliably. 1.6 Expendlture Expenditure 1$ recognised on an arthjals basis as a liability is In￿rred. Provision is m8de for donation payments at Ihe lime the decision is taken by the board of directors, to the extent that this decision has been communic81ed lo the reapienl of the donation. Where donations have been delerynined by the board bLrt have not been notified lo the recipient a contingent liability results and the donatlon expense is Iransferred to a desTgn8ted lund until such lime as it falls due. Charrtable 8CtNilies and Govemance costs are costs Incur￿ on the Company l Foundation's operation$. including support costs and costs relatsng to the govemance of the Company I FoundalKJn 8PPOrtloned to Charitab￿ adiwbes. 1.6 Investments All Investments are held primarily for an investment ratum. Fixed asset investments are 8 form of financial instrument and are inilialty recognised at their transaction cost and subsequenuy measured al fair value at the Balance Sheet dale, unless fair value cannot be measured reliably in vthich case it is measured at cost less impaim)ent. Listed investments are ststed al market value at the balan￿ sheet date. Unrealised gains and losses on market value movements, including foreign exchange movements, are record￿ as other 9ains or losses in a separate Tevalualion reserve. except to the extent that cumulative unrealised losses exceed cumulats.ve realised gains vthich are recorded in income and expenditure. Unlisted investments are stated at cost less impaimenl. Page 12

Franks Famlly Foundatlon {A Company Llmlted by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 December 2020 Accountlng Pollclos Icontlnuod) 1.7 Debtorn Trade end other debtors are recogni¥ed al the setuement amount after any trade discount offered. Prepayments are vglued al the amount prepaid net of any trade discounts due. 1.8 0th•i flnanclal Sns¢rum•nts The Company l Foundatson onty has financi81 assets and finanaal liabilities of a kind that qualty as basic ffinanclal inslrumenls. Basic finanaal instruments are Inrt￿lIY recogni8ed at trans8th.on value and subsequently measured at their settlement value. 1.9 For•lgn currencles Monetary a5s9ls and lia￿litieS denominated in forelgn ￿1￿¢189 are translated into sleding al r81e8 of exchange ruling al the balance sheet dète. Transaction$ in ftyw'gn currgncies are translated into sterting al thg rate ruling on the dale of the Irans8etlon. Exchang6 gains and 106ses are recognised in the Ststemenl of FinanGlal ActlvY(le$ Incorporating Incomo an¢J Eynditure Account. 1.10 P•n¥lon8 The Compary l Foundation oporales a defined contribution penslon 8ch8me and the p8n8i¢)n charge represents the amourrts payable by the Company l FOUnda￿On to the fiJnd in respgct of Ihg year. 1.11 Fund accountlng Ger¢eral ftjrnls are unrestricted fijnds whieh are avallable for use ot the discretion of the Trustees in furtherance of the general objectNe$ of the Company l Foundation and whlch have not been designated for other purposes. Investment In¢omo Unrestrlcted funds 2020 Total funds 2020 Total funds 2019 Dividends receivable Interest receivablellpayablel on cash h)klirvJs 29.163 (2.5101 29,163 {2,510) 36,500 T, 784 Subtotal 26.653 26,653 44.284 Other investment income 61.017 61,017 87.670 87.670 44.284 Total 2019 44,284 44,284 Page 13

Franks Famlly Foundallon IA Company Llmltgd by Guarantee) NOTES TO THE FINANCtAL STATEMENTS For the Year Endod 31 December 2020 Donatlons l of the Company l Foundation's donaiions are made for charrtable purposes. An analysis of donalions is given tdow. As rest8t8d 2019 2020 Donations to in81itulion$'. 4 {2019'. 131 Donatlons to projects.. 9 (2019.. 51 Advertising space provided 3,684 51,353 92.000 118, 149 69,565 118,000 Grants to charitable organisations Travel costs- Ca￿tal project research 147.037 10.142 305, 714 26,926 Total charrtable expendrture 167,179 332, 640 Futher details of th• Company l Foundats'on's dcrfth'on-giving activities 8ro disclosed in the Tru8tee8' report. Advertisiw space provided ￿lateS lo the costs of purchasing advertising space from related companies 18ee note 151 which Is then provided free ol charge to other eh8rttable inslilulions. The comparativè amount for 2019 01 £118,000 was prèviously disc106ed as a governance co818nd has been reslaled. Tho Teslalemenl Is a recIa$sifi￿l1¢)n beNveen classes of expènditure and has had rK* Impact on the total 8xpendilure or net income for the year ended 31 Deeémbor 2019. All travel ¢08t8 ar08e from reimbursing Irustèe¥' oxpenses. Page 14

Franks Family Foundatlon IA Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 December 2020 Governance costs As ￿St￿ted Total funds 2019 Unfestrlctsd funds 2020 Totsl funds 2020 Governance costs 64,831 64.831 80,296 Goveman¢¢ ¢08ts for the yearlperiod are 8hown below". As rns181ed 2019 2020 Wages and salar￿5 Social security co8t8 Pension costs Consultaney, legal and prof8sstonal Auditors. remunerats'on Bank charges Enlertalnrnenl Other operating costs 46.794 6.343 892 1,050 40,952 851 7,436 14,884 6,601 235 4.916 7.512 785 7,876 64,831 80,296 The Company l Foundation had five {2019." three) emkloyees during the period. In order to save costs the Company l Foundation shares ils pawoll wilh Redbu$ v￿lureS Limitod. a reEate(f party. Further detall8 are given in note 15. Govem8nce costs 8$ dlsdosed In 2019 Included £118.000 for costs recharged by a related p8rty that have subsequenuy begn ¢lassthgd a$ a dOnat￿n (see note 31. The foundation has many indirect employees in its operations In Asia. Taxatlon As a reglslered ch8rty the Company l Foundation is exempt from Corporation Tax. Page 15

Franks Famlty Foundatlon {A Company Llmlted by Guarante•l NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 Dgcember 2020 Flxed a889t Investm&nts Unllsted 89cur1￿&S Market valu• At 1 January 2020 Additions Disposals Revaluations Reelassrfications 773,158 275.101 173.1081 1.267.686 1100,0001 At 31 Drfember 2020 2,142,836 Hlstorl¢*l cost 885.236 Flxed asset Inve#tmwnts comprlle: 2020 2019 Unl581ed Inv¢strnents 2.142,836 773, 158 Commltments The Company l FOundat￿n hos commltted £639,137 12019.. £824,484) in respect of investments in unliste(I fund that are not ￿ drawn down. D•btOY8 2020 2019 Other debtor8 169.218 Current asset Investments 2020 2019 Llsted investments 2,484,650 1,494,495 Llsted Invostments The mathel value of the listed investments at 31 December 2020 was £2.484,650(2019- £1,494,495J. Page 16

Franks Famlly Foundatlon IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For thè Year End•d 31 Oecember 2020 The historic w3t of investments was £1.909.791 {2019.' £1.253.4191. The book value of investh)6nts comprises: 2020 2019 Equity securrties- UK Equity securtties- outside UK Commodth'e$- outside UK 1,198,327 1,123,204 163.119 618,542 740,875 135,078 2,484.660 1,494,495 Durfng the ￿r the Company l Foundation recognised gains on cuttent asset investments in relallon to market value movements, includirg exehango rale movements. of È340,07712019'. £1.618,7071. Crdltors: Amounts falllng du• wlthln on• y•ar 2020 2019 Other creditors Accruals and defèrrod income 7,280 210,000 40, 750 118,000 217,280 158, 750 10. Cash at bank and In hand Induded within c98h at bank and In hand 8re fvjuckqry placements totalllng £nil 12019.. £2,812,485) wth m8turily dales between January and DeCeM￿r 2021 (2019". between January 8nd December 20201, but cancellable on two days, notice and therefore deemed to be on demand deposits. Ststsment of fund8 ststement of funds - year end8d 310gcemb•r 2020 31 Galn81 Dgcember {Losse61 2020 1 January 2020 Tran$fèr8 Snlout Income Expendlture Unrestrkted funds Income and expendrture reserve Revaluation reserve S.667,282 241.076 87.670 {408,8351 {1,599,8981 1.419.172 1,599,898 5,165,391 1,840,974 6.908.368 87.670 {408.8351 1,419.172 7,006,365 Page 17

Franks Famlty Foundatlon IA Company Llmlt&d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 December 2020 11. Ststsment of fundg l¢ontinu8d) Stslement of funds - yoar gnded 31 D•c•mber 2019 31 December 2019 l January 2019 Trnnsfers in/oul Gains/ (Losses) Income Expenditura Unr•strlct8d funds Income and expendllure reserve Revaluab'on resèrve 4,301,901 544,990 44.284 (557,649) 303,914 (303,914J 1,574,832 5,667,282 241,076 Surnmary of fund$- y•ar endod 3108ctm￿r 2020 31 Galnsl Dèc6mbgr {L088881 2020 l January 2020 Incom• Expondltur• General funds $,908,358 87.670 1408.8351 1,419,172 7,006,365 Summary of fund8- yoar ended 31 Doc•mber 2019 31 Decembar 2019 l January 2019 Gains/ (Losses) Income Expenditu General funds 4.846,891 44,284 ($57,649) 1,574,832 5,908,358 12. Analy81s of not assats b9two•n funds Analys1$ of net assets betr￿n funds- year •ndod 31 Decornbor 2020 Unrèstrleted funds 2020 Totsl funds 2020 Fixed asset investments Current assets Creditors due wthin one year Prowsions for liabilities and charges 2,142,836 5.530,809 1217,2801 1450,000) 2,142,836 5.530.809 1217,2801 1450,0001 7.006.365 7.006.365 Page 18

Franks Famlly Foundatlon (A Company Limlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 December 2020 12. Analysis of net assèts between funds Icontlnued) Analysls of net assets b•tW8en funds- year onded 31 D8cgmb•r 2019 Unr&stnct8d funds 2019 Tot81 funds 2019 Flxed asset investments Currant assets Credrtors dug within ye8r 773, 158 773, 158 5,293,950 5,293,950 (158. 750) (158, 750) 5,908,358 5,908,358 13. R8conclllatk)n ol nèt movoment In funds to not ca$h flow from oporntlng acttvltlgs 2020 2019 Nel lexpendilure)fin¢ome for the year 1.098,007 1,061,467 Adjustmont for: Unrealised exchange rate gains (Gains) on Investments Investment income Increase in debtors Increase in credilor8 Increase in provision$ 261A10 67,568 (1.869,1721 (1,574,832) 187,6701 (44,284) 1147.2931 58,530 460.000 34,034 Not cash us•d In operating adlvltlos {236.1881 (456,047) 1& Anatysls of cash and Cash equlv*l8nts 2020 2019 C8sh in hand Nollce deposrts Isee note 101 2,876,941 986,970 2,812,485 Totsl 2.876.941 3, 799,455 Page19

Franks Famlly Foundatlon {A Company Limited by Guaranteal NOTES TO THE FINANCIAL STATEMENTS For the Year Endgd 310ocember 2020 15. Related party transactlong The Company l Foun*Yation has &crued an amount of £92,00012019.. £118.0001 in respect of advertising costs charged lo it during the year by Eighteen-24 Limiled 12019. Redbus Outdoor Limiledl. a company under the control of a trustee. At 31 D￿ernber 2020 the oirtstanding amount r6laled to the charge ncluded in accruals (see note 91 was £210,00012019" £118,000) During the year ended 31 December 2019 an amount of £10.000 charged lo tha Company l Foundatbon for services provided by a trustee was bome by Redbus Ventures Limited I"RVL"I {formerfy Polygram Group Limiledl. a company under the control of a trustee. Accordingly. this amount has not been recognlsed as an expense in the Company l Foundatson's records. No equivalent amount was charged in the year ended 31 Decemter 2020. During th? year ended 31 December 2020. salary and pension costs of £41,189 {2019.. £53,498) relating to employees engaged on the Company l FoUndat￿n'S actsvfties have been bc)mè by RVL wherè required under the rules ol the Charty Commission. Any future repayment of this amount lo RVL is subj'ect lo permission from the Chanty Commis$￿Th, 8ttordingly. thi$ amount has r￿1 been recognl¥ed as an expens8 Sn thè Company l Foundation'$ re¢tyds. In order to save costs RVL and the Company l Foundation share a payroll. Outstandlng amounts under this arrangemenl a￿ regularly ￿1Mbur5ed. An amount of £147,293 was owed by RVL at the balance Sheet dale12019.' £43,025 due to RVLI. Under an arrangement entered into whèn certain fixed asset investments were donated to the Foundation a proportion of the proceeds related lo the future of realisation of those investments is due to be paid lo RVL and Eighteen•24 Limited, once the proceeds are recetved by the Foundation. Based on the fair value ol tho inv&strnonls 81 31 Decernber 2020 8 provision of £450.000 12019.. £nill has been ognised in these accounls to refle￿ thi8 obligalion. An amount of £450,000 {2019.' £nill was charg9d as an expense to Ihe Statement of Finanoal Actiwtie8 duriw the year. Page 20