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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

Page 6 



**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: 

- the information given in the Trustees' Report, which includes the directors' report prepared for the 

- purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Directors' Report included within the Trustee's report has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. 

## **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$- outside UK
1,198,327
1,123,204
163.119
618,542
740,875
135,078
2,484.660
1,494,495
Durfng the ￿*r the Company l Foundation recognised gains on cuttent asset investments in relallon to
market value movements, includirg exehango rale movements. of È340,07712019'. £1.618,7071.
Cr*dltors: Amounts falllng du• wlthln on• y•ar
2020
2019
Other creditors
Accruals and defèrrod income
7,280
210,000
40, 750
118,000
217,280
158, 750
10. Cash at bank and In hand
Induded within c98h at bank and In hand 8re fvjuckqry placements totalllng £nil 12019.. £2,812,485) wth
m8turily dales between January and DeCeM￿r 2021 (2019". between January 8nd December 20201, but
cancellable on two days, notice and therefore deemed to be on demand deposits.
Ststsment of fund8
ststement of funds - year end8d 310gcemb•r 2020
31
Galn81 Dgcember
{Losse61
2020
1 January
2020
Tran$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