VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 1119 Charity number.. 1170544 The Fruiterers Foundation Unaudited Trustees, report and financial statements for the year ended 31 January 2024
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 2119 The Fruiterers Foundation Contents Page Reference and administrative details of the charity. its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-17
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 3119 The Fruiterers Foundation Reference and administrative details of the charity. its Trustees and advisers forthe year ended 31 January 2024 Trustees Professor John Frederick Price John Robert Wamer Laurence Stephen Olins Matthew Hancock Blair Gullands lappoinled 18 October 20231 Professor Stephen James Challacombe lappoinled 18 October 20231 Christopher Bishop (appointed 25 January 20241 Charity registered number 1170544 Principal office British Growers Association Ltd BGA House Nottingham Road Louth Lincolnshire LN11 OWB Accountants Kreslon Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E16RA Bankers HSBC UK Bank plc 1 Corn Market High Wycombe Buckinghamshire HP112AY Investment advisors JM Finn 25 Copthall Avenue London EC2R 7AH Page 1
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 4119 The Fruiterers Foundation Trustees. report forthe year ended 31 January 2024 The Trustees present their annual report together with the financi81 statements of the charity for the ended 31 January 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practi ISORP}, applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Objectives and activities a. Policies and objectives The Foundation has two principal objectives.. To advance education and research in fruit and all other areas of the fresh produce industry. To advance such other charitable purposes as the trustees see fit from time lo lime. Monies are received by both funds from individuals and business organisations, as well as one half of the St Paul's Day Livery Service Collection. The income of both funds is supplemented by income from the Foundation's investments. Details of the donations and awards made during the year are included in these Accounts in Notes 4 and 5. b. Main activities undertaken to frjrther the charity's purposes for the public benefit In considering the activities and grants made during the year, the Trustees have paid due regard to the published Charity Commission guidance on the operation of the Public Benefit requirements of the Charities Act 2011. Once again, during continuing uncertain and volatile limes the current year priority has remained to maintain income for the Trust while ensuring its capital is protected. Page 2
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 5119 The Fruiterers Foundation Trustees. report Icontinuedl forthe year ended 31 January 2024 Achievements and performance Financial review a. Financial risk management objectives and policies Expenditure exceeded incoming resources by £7,751 12023- £1,878) during the period before realised and unrealised investment gains and losses. It is the policy of the Charity to maintain its free reserves al a level lo enable it to be administered efficiently, meet ils short-term expenditure requirements, and have adequate resources lo fund its charitable activities and projects. In estsblishing this policy, the Trustees have considered the disposition of its incoming resour$, which are mainly derived from investments and supplemented by fundraising activities. The Trustees are satisfied that the current level of free reserves are adequate for the foreseen requirements of the charity. The trustees reviewed the performance of their investment managers,. J M Finn for the twelve-month period ending 31 sl January 2024. The trustees are pleased that the net value of the Foundation's investments have risen during the course of the year. The global financial markets have experienced mixed results during 2023 and the Trustees continue to monitor J M Finn's performance on a regular basis. Structure. governance and management Constitution The Fruiterers Foundation is a registered charity, number 1170544, and is constituted as a CIO under a Trust deed. The charity was incorporated on 5 December 2016 and commenced trading on that date. b. Methods of appointment or election of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. c. Risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure lo the major risks. Plans for future periods The Trustees plan lo continue to finan their charitable activities primarily from investment income and donations received, and from some other activities. Trustees wll receive and act upon recommendations from the Committee of the Foundation's Awards Council to make payments which support research and recognise achievement in the fruit industry, and from the Master for donations to more general worthy causes. Page 3
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 6119 The Fruiterers Foundation Trustees. report Icontinuedl forthe year ended 31 January 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Pradicel. The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale of affairs of the charity and of its incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial posttion of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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. Approved by order of the members of the board of Trustees and signed on their behalf by.. Matthew Hancock Dale.. Page 4
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 7119 The Fruiterers Foundation Independent examiner's report forthe year ended 31 January 2024 Independent examiner's report to the Trustees of The Fruiterers Foundation I'the charity'l I report lo the chartty Trustees on my ex8minalion of the accounts of the charity for the year ended 31 January 2024. This report is made solely lo the Charity's Trustees. as a b(Idy, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Charity's Trustees those mallers l am required lo stale to them in an Independent examinerfs report and for no other purpose. To the fullest exlenl pemiitled by law. I do not accept or assume any responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or ftir this report Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llb) of the 2011 Act. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared the accounts in accordance wtth Accounting and Reporting by Charities= Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferen to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extsnl regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act- or the accounts do not accord with those rerdS,. or the accounts do not comply with the applicable requirements conceming the fom and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and faiv view which is not a matter considered as part of an independent examination. I have no Concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Signed.. Dated.. 16 August 2024 S.P. Tanner BS¢ IE6nl FCA Kreston Reeves LLP Chartered Accountants London Page 5
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 8119 The Fruiterers Foundation Statement of financial activities forthe year ended 31 January 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from.. Donations and legacies Investments 48,896 29,946 48,896 29,946 48,531 26,712 Total income 78,842 78,842 75,243 Exp9nditurg On.. Raising funds Charitsble activities 9.284 77.309 9,284 77.309 9,736 67,385 Total expenditure 86.593 86.593 77,121 Net expendlture before net losses on Investments Nel losses on investments Net movement in funds before other recognised gainslllosses) 17.7511 15.7491 17.7511 15.7491 11,8781 119,6071 113,5001 113,5001 121,4851 Other recognised gainslllosses)- Gainslllossesl on revaluation of fixed assets 19,320 19,320 1112,3071 Net movement in funds 5.820 5.820 1133,7921 Reconciliation of funds: Total funds brought fotward Nel movement in funds 1.260.219 5,820 105 1.260.324 5,820 1,394,116 1133,7921 Total funds carried forward 1,266,039 105 1,266,144 1,260,324 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 10 17 form part of these financial statements. Page 6
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 9119 The Fruiterers Foundation 8alance sheet as at 31 January 2024 2024 2023 Note Fixed assets Investments 1,239.161 1,208,263 1.239.161 1,208,263 Current assets Stocks Debtors Cash at bank and in hand 1,817 3.755 30,894 2,779 1,598 63,370 36,466 67,747 Creditors.. amounts falling due within one year 10 (9,4831 115,6861 Net current assets 26.983 52,061 Total assets less current liabilities 1,266.144 1,260,324 Total net assets 1,266.144 1,260,324 Charity funds Restricted funds Unreslricled funds 11 11 105 1,266.039 105 1,260,219 Total funds 1,266.144 1,260,324 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Matthew Hancock Dale.. The notes on pages 8 10 17 form part of these financial statements. Page 7
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 10119 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 Accounting policies 1.1 Legal form The Fruilerers, Foundation Ilhe Charity) is a Charitable incorporated organisation domiciled in the United Kingdom. The address of ils registered office and principal place of business is British Growers Association Ltd, BGA House, Nollingham Road, Louth, Lincolnshire, LN11 OWB. 1.2 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fail view and have departed from the Charities (Accounts and Reports} Regulations 2008 only lo the exlenl required to provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Fruilerers Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olheN4ise slated in the relevant accounting policy. 1.3 Income All income is recognised On the charity has entitlement lo the income, it is probable that the income will be reiVed and the amount of income receivable can be measured reliably. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. 1.4 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. 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 allributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not allributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Costs of generating funds are costs incurred in allracling voluntary income, and those incurred in trading activities that raise funds. Charitable activities and governance costs are incurred on the charills educational operations, including support costs and costs relating to the g0Veman of the charity apportioned lo charitable activities. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for ils charitable purposes and includes wsts of all fundraising activities events and non-charilable trading. Page 8
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P l 1119 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 Accounting policies {¢ontinued) 1.4 Expenditure {continuedl Expenditure on charitable activities is incUed on directly undertaking the activities which further the charills 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 allaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as 8 commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance sheet dale. unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented in the heading as 'GainsllLosses} on investments, in the Statement of financial aclivilies. Investments held as fixed assets are shown al cost less provision for impaiment. 1.6 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 Bank. 1.7 Stocks Stocks are valued al the lower of cost and net realisable value after making due 8IIow8nce for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 1.8 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm 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. 1.10 Llabllltles and provlslons Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in setllemenl, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the charity anticipates it will pay lo sellle the debt or the amount il 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 lime 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 lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page 9
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P IW19 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 Accounting policies {¢ontinued) 1.11 Financial instruments The charity only has financial assets and financial liabilities of a kind th8t qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value wtth the exception of bank loans which are subsequently measured 8t amortised cost using the effective interest method. 1.12 Fund accounting Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance wth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial stalemenls. Income from donations and legacies Unrestricted fund5 2024 Total funds 2024 Total funds 2023 Donations received Gift Aid reclaim 46,914 1,982 46,914 1,982 45,592 2,939 Total 2024 48,896 48,896 48,531 Total 2023 48,531 48,531 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from listed investments 29,946 29,946 26,712 Total 2024 29,946 29.946 26,712 Total 2023 26,712 26,712 Page 10
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P IW19 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 Analysis of donations made Unrestricted Donations Total funds 2024 Total funds 2023 2024 Donations 12,500 12,500 8,000 3,945 Grants, Designated - Benevolent Society Total 2024 12,500 12.500 11,945 Total 2023 11,945 11,945 The charity has made the following material donations to institutions during the year- 2024 2023 Name of Instltutlon TC Fox Royal British Legion Teddy's Vvish Britten Pears Arts 3,945 1,000 1,500 1,000 1,500 1,000 1,500 500 The Ruth Stauss Foundation Barts Charity City Harvest ABF The Soldiers, Charity Sea Change Sailing Trust The Sheriffs, & Recorder's Fund 4.000 500 3,000 5,000 12.500 11,945 12.500 11,945 Page 11
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 14119 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities Support costs Total funds 2024 Total funds 2023 2024 2024 Designated - General Charitable 1,670 12,500 6,531 20,701 17,490 Designated - Education and Research Designated - Benevolent Society 48,970 7,638 56,608 45,075 4,820 Total 2024 50,640 12,500 14,169 77,309 67,385 Total 2023 45,861 11,945 9,579 67,385 Analysls of support costs Deslgnated Deslgnated Designated Education - General and Benevolent Charitable Research Society 2024 2024 2024 Total funds 2024 Total funds 2023 Accountancy fees Sundry expenditure Bank charges 5,832 6,706 328 12,538 372 8,754 655 604 1,259 825 Total 2024 6,531 7,638 14.169 9,579 Total 2023 2,151 6,553 875 9,579 Page 12
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P IY19 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 Analysis of awards given 2024 Plum Demonstration Centre Award 5.000 21,970 500 NIAB EMR Travel Bursary Donation Fruit Focus Sludenl Prize 1.500 2.500 5,000 7,500 5,000 Fruit Focus David Hohnen Prize University of Reading Nuffield Farming Scholarships Marden Fruit Show 48.970 Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefils12023 - £NILI. During the year ended 31 January 2024, no Trustee expenses have been IncUrd<2023 - £NIL). Fixed asset investments Other fixed Listed asset investments investments Total Cost or valuation At 1 February 2023 Additions Disposals Revaluations 1.208,262 256.738 1245,160} 19,320 1,208,262 256.739 {245.1601 19,320 At 31 January 2024 1,239,160 1,239,161 Net book value At 31 January 2024 1.239,160 1,239,161 At 31 January 2023 1,208,262 1,208,262 Page 13
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P IW19 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 Stocks 2024 2023 Finished goods 1.817 2,779 Debtors 2024 2023 Dug aftgr more than ong ygar Trade debtors Due within one year Prepayments and accrued income 3,515 1,598 3,755 1,598 10. Creditors.. Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 10,186 5,500 8,840 9,483 15,686 Page 14
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 17119 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 11. Statement of funds Statement of funds - current year Balance at 1 February 2023 Balance at Gainsl 31 January (Losses) 2024 Income Expenditure Unrestricted funds General Charitable EdLJcalion and Research 227,137 1,033,082 28,033 50,809 (21.2591 165,3341 82 13,489 233,993 1,032,046 1,260.219 78,842 186.5931 13,571 1,266.039 Restricted funds Franklands Gift Fund 105 105 Total of funds 1,260,324 78,842 186.5931 13,571 1,266,144 statement of funds - prlor year Balance at 1 February 2022 Balance al Gainsl 31 January (Losses} 2023 Transfers inloul Income Expenditure Unrestricted funds General Charitable 241,655 27,805 {19,200} {23,123} 227,137 Benevolent Society Education and Research 152,701 2.978 15,917} {147.5231 12,239} 999,655 44,460 {52,004} 147,523 1106,552} 1,033,082 1,394,011 75,243 {77,121} 1131,914} 1,260,219 Restricted funds Franklands Gift Fund 105 105 Total of funds 1,394,116 75,243 177,1211 1131,9141 1,260,324 Page 15
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P IW19 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 12. Summary offunds Summary offunds - current year Balance at 1 February 2023 Balance at Gainsl 31 January (Losses) 2024 Income Expenditure Designated funds Restricted funds 1.260.219 105 78,842 186.5931 13,571 1,266,039 105 1,260,324 78,842 186.5931 13,571 1,266,144 Summary offunds - prior year Balan at 1 February 2022 Balance at Gainsl 31 January (Losses) 2023 Transfers inloul Income Expenditure Designated funds Restricted funds 1,394,011 105 75,243 177,1211 1131,9141 1,260,219 105 1,394,116 75,243 177,1211 1131,9141 1,260,324 Page 16
VirtualSignalur£ Transaction Rel M24G3G.cVYp 16 Aug 2024 10.40 07 BST (UTC +11 D 112 P 19119 The Fruiterers Foundation Notes to the financial statements forthe year ended 31 January 2024 13. Analysis of net assets between funds Analysis of net assets between funds - Current year Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Debtors due after more than one year Current assets Creditors due within one year Difference 1,239,161 240 1,239,161 240 36,121 111,4831 2,000 105 36,226 111.4831 12.0001 Total 1,266,039 105 1,266,144 Analysis of net assets between funds - prior year Unreslricled funds 2023 Reslricled funds 2023 Total funds 2023 Fixed asset investments 1,208,263 67,642 115,6861 1,208,263 67,747 115,6861 Current assets 105 Creditors due within one year Total 1,260,219 105 1,260,324 Restrlcted Funds The Franklands Gift Fund was created to support the needy of the Company and those associated with it. 14. Related party transactlons There were no related paty transactions during the year, or outstanding related party balances al the Balance Sheet date. Page 17