Registered number: 08785000 Charity number: 1155149
THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Auditors' Report on the Financial Statements | 5 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 - 24 |
THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Richard Harrison |
|---|---|
| David Harrison | |
| Michele Harrison | |
| Jeanne Harrison | |
| Steven Marcovitch | |
| Louise Williams | |
| Fredrik Ulfsater | |
| Dominic Duffy | |
| Simon Morris | |
| Maurice Collins | |
| Ina Wieczorek | |
| Company registered number 08785000 Charity registered number 1155149 Registered office Flat 17 34 Seymour Place London W1H 7NS Independent auditors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Bankers Metro Bank 1 Southampton Row London WC1B 5HA CAF Bank Limited 25 Kings Hill Avenue Kent ME19 4JQ |
Page 1
THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the audited financial statements of The Harrison-Frank Family Foundation (UK) Limited (the charity) for the year from 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Trustees
The trustees who served during the year and since the year end were:
Richard Harrison David Harrison Michele Harrison Jeanne Harrison Steven Marcovitch Louise Williams Fredrik Ulfsater Dominic Duffy Simon Morris Maurice Collins Ina Wieczorek
Structure, governance and management
The Harrison-Frank Family Foundation is a charitable company limited by shares with £1 of share capital issued to the Harrison-Frank Family Foundation US.
The Company was incorporated on 21 November 2013 and is governed by its Memorandum and Articles of Association.
The Board of Trustees is responsible for the overall governance of the Charitable Company. Trustees may be appointed at the discretion, and with the approval, of the existing Trustees. New Trustees are briefed of their duties from existing Trustees.
Objectives and activities
The Harrison-Frank Family Foundation was set up in 2013 as a charitable company with two key charitable objectives:
1) To provide grants to charities; and to provide financial assistance in Israel via the New Israel Fund. 2) To provide support to aspiring violinists through the violin loan scheme.
The Trustees confirm that they have complied with the duty in section 17 of the Charities act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Providing grants
The charity's primary objective is to provide grants to prominent English and international charities; such as those listed in Note 5.
The charity also aims to provide financial assistance in Israel to those who are in need; who are socially disadvantaged or underprivileged; or who are suffering hardship, including but not limited to minority groups or breaches of human rights or the principles of democracy.
2. Violin loan scheme
The charity owns a collection of high quality fine old Italian, French, Dutch and English violins which it lends to young professional musicians without charge.
There are currently 55 violins, 2 violas, 1 cello and 10 bows in the Foundation’s collection. All the instruments have been acquired for the foundation by Richard and his late wife Barbara Frank Harrison, in collaboration with J & A Beare who have helped to set up, maintain and run the scheme.
The requirements which individuals must meet to loan a violin are as follows:
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You should be a UK Citizen or at least planning to stay in England for the next 5 years;
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Recently graduated or in your last year of college;
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Aged 30 years and under.
Loans are arranged on a renewable annual basis, with the option of extending up to 5 years, until the musician is established and earning enough to think of buying their own violin. The instrument can then be released to lend again to another qualifying applicant.
Achievements and perfomance
During the year £711,950 (2023 - £498,000) was awarded to 51 (2023 - 58) different charities as detailed in note 5 in the accounts.
At 31 December 2024 47 violins and 9 bows were lent to young professional musicians providing access to high quality musical instruments to those who may not have otherwise had access.
Plans for future periods
2024 saw the foundation achieve a record-breaking level of donations – both in value and number of causes. We intend to maintain these levels, and to keep supporting the core charities with whom we have developed relationships over the years. We will also explore new projects that we can potentially back, and that are aligned to the foundations core aims.
Financial Review
During the financial year, the charitable company recognised incoming resources totalling £883,552. This represented dividends received on the investment portfolio held by the Charity. The total charitable expenditure of the charity was £838,969 after taking into account a foreign exchange loss of £23,691, with taxation of £16,455 and unrealised and realised gains on investments of £1,226,567 generating a surplus for the year of £1,254,695.
Unrestricted funds carried forward totalled £19,957,956 at the balance sheet date of which free reserves totalled £17,371,448 after deducting funds tied up in tangible fixed assets. The reserves are held to continue to promote the charitable activities of the Charity. Due to the strength of the balance sheet, there is no formal reserves policy however the Trustees regularly review the liquidity of reserves to enable the continued funding of charitable activities.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Lubbock Fine LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Dominic Duffy
Trustee Date: 23 October 2025
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of The Harrison-Frank Family Foundation (UK) Limited (the 'charity') for the year ended 31 December 2024 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 the Provisions Available for Audit of Small Entities, in circumstances set out in note 1.1, 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.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' 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 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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 Trustees' 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.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
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The nature of the sector and the impact of the cost of living crisis on financial and operating performance and policies;
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Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
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the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations; and
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Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes staff who have extensive experience of working with charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise.
We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Charities Act and Charities SORP 2019.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. These included health and safety regulations and environmental regulations.
As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to irregularities, including fraud were in respect of management override, income recognition, existence of assets held and the lack of a formal dedicated finance function. Our procedures to respond to risks identified included the following:
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Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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Enquiring of management concerning actual and potential litigation and claims;
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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Reading minutes of meetings of those charged with governance;
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the charity’s operations;
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Reviewing violin loan documentation to confirm existence of assets at the year end;
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Substantive testing on a sample of transactions in the year;
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All income is reconciled to third party investment reports.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
Hazra Patel (Senior Statutory Auditor) for and on behalf of Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB
Date: 24 October 2025
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Investments 2 Total income Expenditure on: Raising funds Charitable activities: Grants paid Support costs Foreign currency losses/(gains) Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Taxation Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 3 5 6 7 |
Unrestricted funds 2024 £ 883,552 883,552 1,520 711,950 101,808 23,691 838,969 44,583 1,226,567 (16,455) 1,254,695 18,703,261 1,254,695 19,957,956 |
Total funds 2024 £ 883,552 883,552 1,520 711,950 101,808 23,691 838,969 44,583 1,226,567 (16,455) 1,254,695 18,703,261 1,254,695 19,957,956 |
Total funds 2023 £ 799,387 799,387 1,570 498,000 79,217 466,606 1,045,393 (246,006) 154,511 (15,762) (107,257) 18,810,518 (107,257) 18,703,261 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 24 form part of these financial statements.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
REGISTERED NUMBER: 08785000
BALANCE SHEET
AS AT 31 DECEMBER 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Tangible assets | 10 | 2,586,508 | 2,586,508 | |||
| Investments | 11 | 16,733,694 | 15,525,212 | |||
| 19,320,202 | 18,111,720 | |||||
| Current assets | ||||||
| Debtors | 12 | 8,141 | 13,462 | |||
| Cash at bank and in hand | 666,182 | 612,337 | ||||
| 674,323 | 625,799 | |||||
| Current liabilities | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 13 | (36,569) | (34,258) | |||
| Net current assets | 637,754 | 591,541 | ||||
| Total net assets | 19,957,956 | 18,703,261 | ||||
| Charity funds | ||||||
| Restricted funds | 14 | - | - | |||
| Unrestricted funds | 14 | 19,957,956 | 18,703,261 | |||
| Total funds | 19,957,956 | 18,703,261 |
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Dominic Duffy
Trustee Date: 23 October 2025
The notes on pages 12 to 24 form part of these financial statements.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Cash flows from operating activities Net cash (used in)/provided by operating activities 16 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 17 The notes on pages 12 to 24 form part of these financial statements |
2024 £ (821,701) 883,552 599,669 (607,675) 875,546 53,845 612,337 666,182 |
2023 £ (589,124) 799,388 1,426,782 (1,920,223) 305,947 (283,177) 895,514 612,337 |
|---|---|---|
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Harrison-Frank Family Foundation (UK) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The audit has been undertaken in accordance with the requirements of the FRC's Ethical Standard, including the provisions available for the audit of small entities. The charitable company uses the auditor, Lubbock Fine Chartered Accountants, to assist with the preparation of the financial statements.
1.2 Company Status
The charity is a company limited by share capital.
The registered office address and principal place of business is Flat 17, 34 Seymour Place, London, W1H 7NS.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Dividend income is accounted for an accruals basis.
Donations are recognised in the period in which they are pledged.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charity's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies (continued)
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.7 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
1.8 Taxation
The charity's income is exempt for UK corporation tax purposes. The Charity pays United States taxes on behalf of its parent entity The Harrison-Frank Family Foundation US. The parent entity acts as a holding entity and all activities take place in the UK charity. The taxes paid in the United States are on the dividends received from the investment portfolio held by the UK charity.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies (continued)
1.9 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
No depreciation is charged on the violins as the instruments are kept in good working order with regular maintenance.
1.10 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.11 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.12 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.13 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.14 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2. Investment income
| Unrestricted funds 2024 £ Investment income 883,552 Unrestricted funds 2023 £ Investment income 799,387 |
Total funds 2024 £ 883,552 |
|---|---|
| Total funds 2023 £ 799,387 |
3. Expenditure on raising funds Costs of raising voluntary income
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2024 | 2024 | |
| £ | £ | |
| Broker fees | 1,520 | 1,520 |
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3. Expenditure on raising funds (continued)
Costs of raising voluntary income (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Broker fees | 1,570 | 1,570 |
4. Analysis of expenditure by activities
| Grant making Violin loan scheme Grant making Violin loan scheme |
Grant funding of activities 2024 £ 711,950 - 711,950 Grant funding of activities 2023 £ 498,000 - 498,000 |
Support costs 2024 £ 53,328 72,171 125,499 Support costs 2023 £ 497,124 48,699 545,823 |
Total funds 2024 £ 765,278 72,171 |
|---|---|---|---|
| 837,449 | |||
| Total funds 2023 £ 995,124 48,699 |
|||
| 1,043,823 |
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4. Analysis of expenditure by activities (continued)
Analysis of support costs
| Loss on foreign exchange Bank charges Secretarial Administration Audit and accountancy fees (governance) Insurance Professional fees Travel Violin expenses 10 year anniversary concert |
Grant making 2024 £ 23,691 634 - 15,477 10,500 - 2,776 250 - - 53,328 |
Violin loan scheme 2024 £ - 634 20,212 15,477 10,500 655 2,776 250 2,922 18,745 72,171 |
Total funds 2024 £ 23,691 1,268 20,212 30,954 21,000 655 5,552 500 2,922 18,745 |
|---|---|---|---|
| 125,499 |
General support costs are allocated equally between the two activities of the Charity. Other support costs are allocated to a specific activity.
| Loss on foreign exchange Bank charges Secretarial Administration Audit and accountancy fees (governance) Insurance Professional fees Travel Violin expenses |
Grant making 2023 £ 466,606 255 - 12,250 7,350 - 10,413 250 - 497,124 |
Violin loan scheme 2023 £ - 254 11,304 12,250 7,350 1,274 10,413 250 5,604 48,699 |
Total funds 2023 £ 466,606 509 11,304 24,500 14,700 1,274 20,826 500 5,604 |
|---|---|---|---|
| 545,823 |
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 5. Analysis of Grants Name of organisation Action for Stammering Children AMSCORDI Ltd Changing Tunes Coram Beanstalk Dreams Come True Family for Every Child Ukraine Fostering Network The Francis Crick Institute The Halo Trust In Harmony Hope and Homes Ukraine Lumos Foundation Ukraine Medecines Sans Frontieres (UK) Mines Advisory Group New Israel Fund Neve Shalom Refuge Save A Child Ukraine SOS Children's Villages UK Tempus Novo Trinity Laban Conservatol Kiev Twins The Trussell Trust Tutorfair Foundation Other grants to organisations 6. Net (losses)/gains on investments Realised (losses)/gains on investments Unrealised gains on investments |
2024 £ 20,000 14,000 40,000 30,000 20,000 - 40,000 20,000 20,000 - - - - 20,000 120,000 30,000 - - 60,000 - 60,000 30,000 187,950 711,950 2024 £ (228,846) 1,455,413 1,226,567 |
2023 £ 10,000 - 20,000 - - 20,000 - - 20,000 44,000 20,000 20,000 - 20,000 45,000 20,000 10,000 20,000 40,000 10,000 - - 179,000 |
|---|---|---|
| 498,000 | ||
| 2023 £ 19,667 134,844 |
||
| 154,511 |
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 7. Taxation US Taxes 8. Auditors' remuneration Fees payable to the charity's auditor for the audit of the charity's annual accounts Fees payable to the charity's auditor in respect of: All non-audit services not included above |
2024 £ 16,455 16,455 2024 £ 15,000 1,500 |
2023 £ 15,762 15,762 2023 £ 14,700 1,500 |
|---|---|---|
9. Trustees' remuneration and expenses
During the year two trustees received remuneration. See note 19 for further details.
During the year ended 31 December 2024, expenses totalling £500 were reimbursed to 1 Trustee (2023 - £500).
10. Tangible fixed assets
| Cost or valuation At 1 January 2024 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Violins £ 2,586,508 |
|---|---|
| 2,586,508 | |
| 2,586,508 | |
| 2,586,508 |
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11. Fixed asset investments
| Cost or valuation At 1 January 2024 Additions Disposals Revaluations Foreign exchange movement At 31 December 2024 |
Listed investments £ 15,525,212 607,675 (594,306) 1,226,567 (31,454) |
|---|---|
| 16,733,694 |
12. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2024 £ 8,141 - 8,141 |
2023 £ 11,062 2,400 |
|---|---|---|
| 13,462 |
13. Creditors: Amounts falling due within one year
| Amounts due to Trustees Accruals and deferred income |
2024 £ - 36,569 36,569 |
2023 £ 2,110 32,148 |
|---|---|---|
| 34,258 |
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14. Statement of funds
Statement of funds - current year
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at 1 | 31 | |||||
| January | Gains/ | December | ||||
| 2024 | Income | Expenditure | Taxation | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | ||||||
| funds | ||||||
| General Funds | 18,703,260 | 883,552 | (838,969) | (16,455) | 1,226,567 | 19,957,955 |
| Share capital | 1 | - | - | - | - | 1 |
| 18,703,261 | 883,552 | (838,969) | (16,455) | 1,226,567 | 19,957,956 | |
| Statement of funds - prior year | ||||||
| Balance at | ||||||
| Balance at | 31 | |||||
| 1 January | Gains/ | December | ||||
| 2023 | Income | Expenditure | Taxation | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | ||||||
| funds | ||||||
| General Funds | 18,810,517 | 799,387 | (1,045,393) | (15,762) | 154,511 | 18,703,260 |
| Share capital | 1 | - | - | - | - | 1 |
| 18,810,518 | 799,387 | (1,045,393) | (15,762) | 154,511 | 18,703,261 | |
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THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2024 £ Tangible fixed assets 2,586,508 Fixed asset investments 16,733,694 Current assets 674,323 Creditors due within one year (36,569) Total 19,957,956 |
Total funds 2024 £ 2,586,508 16,733,694 674,323 (36,569) 19,957,956 |
|---|---|
Analysis of net assets between funds - prior year
| Unrestricted funds 2023 £ Tangible fixed assets 2,586,508 Fixed asset investments 15,525,212 Current assets 625,799 Creditors due within one year (34,258) Total 18,703,261 |
Total funds 2023 £ 2,586,508 15,525,212 625,799 (34,258) 18,703,261 |
|---|---|
Page 22
THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 16. Reconciliation of net movement in funds to net cash flow from operating activities 2024 £ Net income/expenditure for the period (as per Statement of Financial Activities) 1,254,695 Adjustments for: (Gains)/losses on investments (1,226,567) Dividends, interests and rents from investments (883,552) Increase in debtors 2,400 Increase in creditors 2,311 Foreign exchange losses/(gains) 23,691 Non cash expenses 5,321 Net cash (used in)/provided by operating activities (821,701) 17. Analysis of cash and cash equivalents 2024 £ Cash at bank and in hand 666,182 Total cash and cash equivalents 666,182 18. Analysis of changes in net debt At 1 January 2024 Cash flows £ £ Cash at bank and in hand 612,337 53,845 612,337 53,845 |
2023 £ (107,257) (154,511) (799,388) (2,400) 5,498 479,503 (10,569) (589,124) 2023 £ 612,337 612,337 At 31 December 2024 £ 666,182 666,182 |
|---|---|
Page 23
THE HARRISON-FRANK FAMILY FOUNDATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
19. Related party transactions
During the year, Trustees paid £7,864 (2023 - £15,464) on behalf of the charity in relation to US taxes and have been subsequently reimbursed. At the year end, £nil (2023 - £2,110) was due to the Trustees in relation to these expenses.
During the year, fees totalling £30,000 were paid to Dominic Duffy, a trustee, for his role as the administrator of the Charity in line with clause 6.3 of the Articles of Association. Expenses totalling £955 were also reimbursed to him as part of this role.
During the year, fees totalling £17,365 were paid to Ina Wieczorek, a trustee, for her role as the secretary of the Charity in line with clause 6.3 of the Articles of Association. Expenses totalling £2,848 were also reimbursed to her as part of this role.
20. Parent undertaking
The Harrison Frank Family Foundation US, a charity registered in the United States of America is the sole shareholder of the charity.
The US entity acts as a holding entity and all charitable activities take place in the UK charity.
Page 24